Uflex Ar 2020 21

THIRTY SECOND
ANNUAL REPORT 2 0 2 0 - 2 0 2 1
ENVIRONMENTAL
GOVERNANCE
SOCIAL
UFLEX LIMITED
UFLEX LIMITED
CIN: L74899DL1988PLC032166
CORPORATE INFORMATION
BOARD OF DIRECTORS BANKERS WORKS
ASHOK CHATURVEDI UFLEX Ltd., India - Bankers India
Chairman & Managing Director Canara Bank
A-1, Sector-60, NOIDA (U.P.)
ACHINTYA KARATI Punjab National Bank
A-2, A2A, Sector-60, NOIDA (U.P.)
INDU LIBERHAN State Bank of India
C-3-4, 5-8, 17-18, Sector 57, NOIDA (UP)
TARA SANKAR BHATTACHARYA Bank of India
C-175, Sector – 10, NOIDA (U.P.)
ARVIND MAHAJAN (upto 2nd August, 2021) Indian Bank
D-1-2, 15-16, Sector - 59, NOIDA
ALOK SABHARWAL The Jammu & Kashmir Bank Ltd.
Unit-I, Lane No. 3, Phase-I,
Nominee IFCI (w.e.f. 2nd December, 2020) Union Bank of India
SIDCO Industrial Complex,
V. ANISH BABU UCO Bank
Bari Brahmana, Jammu
Nominee IFCI (upto 2nd December, 2020) The South Indian Bank Ltd.
Unit-II, Lane No. 2, Phase-I, SIDCO
PRADEEP NARENDRA PODDAR CTBC Bank Co. Ltd.
Industrial Complex, Bari Brahmana, Jammu
JAGMOHAN MONGIA Woori Bank
Unit-III, Lane No. 3, Phase-I, SIDCO
Whole-time Director (w.e.f. 11th February, 2021) Qatar National Bank (Q.P.S.C)
Industrial Complex, Bari Brahmana, Jammu
AMITAVA RAY
Flex Middle East FZE, Dubai - Bankers SM8 + SM10, Sanand, Gujarat
Whole-time Director (upto 1st February, 2021)
Commercial Bank of Dubai, Dubai
SR. VICE PRESIDENT (LEGAL) & Habib Bank AG Zurich, Dubai Dubai
COMPANY SECRETARY P.O. Box No. 17930, Near Round
Flex Americas S.A. de C.V., Jebel Ali Free Zone Area, Dubai
AJAY KRISHNA
Mexico - Bankers United Arab Emirates
AUDITORS BBVA Bancomer, Mexico
Mexico
Statutory Auditors Flex P. Films (Egypt) S.A.E., Boulevard De Los Rios
M/s KAAP & Associates Egypt - Bankers #5680 Zona Puerto Industiral, C.P. 89603
89, Lower Ground Floor, KFW IPEX Bank, Germany Altamira, Tamaulipas, Mexico
Gujarat Vihar, Delhi - 110092 QNB Alahli, Egypt
Cost Auditors ADIB, Egypt Egypt
M/s Jitender, Navneet & Co. Emirates NBD Egypt R 2 Plot No. 3, Engineering Square, North
Cost Accountants Banque Misr, Egypt Extension of Industrial Zones, 6th of October
2-D, OCS Apartments, City, Arab Republic of Egypt
Flex Films Europa Sp.zo.o.
Mayur Vihar Phase-I, Delhi - 110 091 Poland - Bankers Poland
Secretarial Auditors PKO Bank, Polski Poznan 62-300 Wrzesnia, ul. Gen. Wladyslawa
M/s Mahesh Gupta & Co. Sikorskiego 48, Poland
110, Wadhwa Complex Flex Films (USA) Inc., Kentucky
D 288/10, Laxmi Nagar, Delhi-110 092 USA - Bankers USA
JP Morgan Chase Bank N.A., USA 1221, North Black Branch Road,
REGISTERED OFFICE Elizabethtown, KY 42701
Flex Films Europa
305, Third Floor, Bhanot Corner,
Korlátolt Felelosségu Társaság, Hungary
Pamposh Enclave, Greater Kailash - I,
Hungary - Bankers Flex Films Europa Kft., 2651 Rétság,
New Delhi -110 048
PKO Bank Polski, Poznan, Poland IPARI PARK - 7, Hungary
Ph. Nos. : 91-11-26440917, 91-11-26440925
Fax No. : 91-11-26216922 Flex Film Rus LLC Russia
E-mail : secretarial@uflexltd.com Russia - Bankers Shmatovo village, Industrialnaya Str.,
Unicredit Bank, Prechistenskaya EMB, Estate 4, building 1, Stupino,
CORPORATE OFFICE Moscow Moscow region, Russian Federation
A - 107-108, Sector - IV,
Flex Films Africa Private Limited, Nigeria
NOIDA-201 301 (U.P.)
Nigeria – Bankers Plan No. IJC 354(OG), Within 1 Km Corridor
Phone No. : 91-120-4012345
OLB Bank, Germany Acquisition, Along Lagos/Ibadan Expressway,
First Bank of Nigeria, Lagos, Nigeria Ogere, Ikenne, Local Government Area, Ogun
SUBSIDIARY/JV COMPANIES Union Bank, Lagos, Nigeria State, Nigeria
UFlex Packaging Inc., USA
Flex Films (USA) Inc., Kentucky, USA
UFlex Europe Limited, UK REGISTRAR AND SHARE TRANSFER OTHER PROMINENT OFFICES
Flex Middle East FZE, UAE AGENT
Flex P. Films (Egypt) S.A.E., Egypt Beetal Financial & Computer Services Mumbai
Flex Films Europa Sp.zo.o., Poland Pvt. Ltd. Unit No. 402, IVth Floor,
UPET Holdings Ltd., Mauritius Beetal House, 3rd Floor, Naman Center, Block-G, Bandra Kurla
UPET (Singapore) Pte. Ltd., Singapore 99, Madangir, Behind Local Complex, Plot No. C-31, Bandra,
Flex Americas S.A. de C.V., Mexico Shopping Centre Mumbai-400051
Flex Films Africa Private Limited, Nigeria Near Dada Harsukh Dass Mandir Kolkata
LLC Flex Chemicals Private Limited, Russia New Delhi - 110062 A-16, FMC Fortuna, 234/3A (2nd Floor),
Flex Films Rus, LLC, Russia Phone No. : 011-29961281-83 Acharya Jagdish Chandra Bose Road,
Flex Films Europa Korlatolt Feleossegu Fax No. : 011 - 29961284 Kolkata - 700 020
Tarsasag, Hungary E-mail : beetal@beetalfinancial.com
Bengaluru
USC Holograms Pvt. Ltd., India
443, 2nd Floor, 7th Block,
Digicyl Pte. Ltd, Singapore
Koramangala, Bengaluru - 560 095
Digicyl Limited, Israel
IV | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
DIRECTORS’ REPORT
To the Members, The outbreak of coronavirus disease 2019 (COVID-19)
Your Directors have the pleasure of presenting 32 Annual nd has created an unprecedented global health crisis that
Report together with the Standalone & Consolidated has a deep impact on the businesses and economy.
Audited Financial Statements of the Company for the Uflex operates in multiple countries across the globe
Financial Year ended 31st March, 2021. – both in terms of its manufacturing operations and
the markets for its products and all these countries
FINANCIAL RESULTS had imposed lockdowns of varying types aimed at
The summarized financial results for the year ended 31st containing the spread of the virus. Given that Uflex
March, 2021 and for the previous year ended 31st March, business is manufacturing of Flexible Packaging Films
2020 are as follows: and Flexible Packaging, which is predominantly used in
food and Pharma packaging, all out efforts were made
[Rs. in Crores] by all countries to ensure the adequate supply of food
Consolidated Standalone Year
and medicines to the public, which was made possible
Year Ended Ended only due to seamless continued operations of packaging
2021 2020 2021 2020
industry. While Uflex did face initial administrative and
supply chain challenges in some countries during initial
Revenue from 8890.76 7404.84 4635.07 4069.71
Operations
lockdown period, but there was no impact on its overall
production and sales volumes during the period. Though
Other Income 22.80 28.46 20.34 82.65
the business is not likely to be impacted yet, uncertainties
Share in Profit of 5.66 3.20 -- -- in the future due to underlying developments w.r.t
Associates for the Year
COVID -19, are difficult to predict.
Share in (Loss) of Joint (4.35) -- --
Venture for the Year (4.88) TRANSFER OF UNCLAIMED DIVIDEND TO
Total Income 8914.87 7431.62 4655.41 4152.36 AUTHORITY
Profit before Finance 1826.99 1108.84 766.02 616.42 An amount of Rs.15,85,605.60/- (Rupees Fifteen Lac
Cost, Depreciation Eighty Five Thousand Six Hundred Five and Paise
& Tax
Sixty Only) was transferred to Investor Education and
Finance Cost 229.07 224.79 152.28 172.89 Protection Fund (IEPF) during the year under review.
Depreciation 455.73 403.19 259.65 261.36
TRANSFER OF UNCLAIMED SHARES TO
Profit before Tax 1142.19 480.85 354.09 182.17 AUTHORITY
Less: Tax Expenses 298.51 109.98 123.65 38.90
As per the Provision of Section 124(6) of the Companies
Profit for the year 843.68 370.87 230.44 143.27 Act, 2013 read with Investor Education and Protection
before Minority
Fund Authority (Accounting, Audit, Transfer and Refund)
Interest
Rules, 2016 as amended from time to time, the Company
Non Controlling Interest (0.78) (1.06) -- --
has transferred 24,982 (Twenty Four Thousand Nine
Profit for the year 842.90 369.82 230.44 143.27 Hundred Eighty Two only) Equity Shares on which
Total Other 30.28 38.53 0.76 (12.07) Dividend was not paid/claimed for more than seven
Comprehensive Income years, to the Investor Education and Protection Fund
for the Year (IEPF) during the year under review.
Total Comprehensive 873.18 408.35 231.20 131.20
Income for the Year DIVIDEND
During the year under review, your Company has Your Directors are pleased to recommend a dividend @
achieved consolidated total income and net profit of Rs. 2.50 per share for the financial year ended 31st March
Rs. 8914.87 crore and Rs. 842.90 crore respectively as 2021 after considering future needs of the company for
against total income and net profit of Rs. 7431.62 crore growth.
and Rs. 369.82 crore respectively during the previous The dividend, if approved at the forthcoming Annual
financial year ended 31stMarch, 2020. General Meeting will be paid to Members whose names
Further, your Company has achieved standalone total appear in the Register of Members as on 10th September,
income of Rs. 4655.41 and net profit of Rs 230.44 crore 2021. In respect of shares held in dematerialized form, it
as against total income of Rs. 4152.36 crore and net will be paid to those Members whose names are furnished
profit of Rs. 143.27 crore during the previous financial by National Securities Depository Limited and Central
year ended 31stMarch, 2020. Depository Services (India) Limited as beneficial owner.
The Details of financial performance of all subsidiaries CHANGE IN NATURE OF BUSINESS

and associates are contained in Note No.46 of the Notes There is no change in the nature of business of the
to Accounts to the Consolidated Financial Statements. Company.
32ND ANNUAL REPORT 2020 - 2021 | 1

UFLEX LIMITED
CIN: L74899DL1988PLC032166
SHARE CAPITAL with the Statutory Auditors/Internal Auditors of the

The paid-up equity share capital outstanding as on 31st Company from time to time, your Directors make the
March, 2021 was Rs. 72.21 Crore. During the year under following statements in terms of Section 134(3)(c) of the
review, the Company has neither issued Shares with Companies Act, 2013:
Differential Voting Rights nor granted Stock Options nor a. that in the preparation of the annual accounts for
Sweat Equity. the year ended 31st March, 2021, the applicable
accounting standards have been followed along with
As on 31st March, 2021 none of the Directors of the proper explanation relating to material departures, if
Company held any Equity Shares except Shri Ashok any;
Chaturvedi, Chairman & Managing Director, who held
5,02,533 Equity Shares of the Company. b. that the Company has selected such accounting
policies and applied them consistently and made
FIXED DEPOSITS judgments and estimates that are reasonable and
The company neither had any fixed deposits outstanding prudent so as to give a true and fair view of the state
as on 31st March 2021 nor fresh/renewal of deposits were of affairs of the Company as at 31st March, 2021 and
accepted during the financial year 2020-2021. There of the Profit of the Company for the year ended on that
were no unclaimed deposits as on 31st March 2021. date;
c. that proper and sufficient care has been taken for
DIRECTORS AND KEY MANAGERIAL PERSONNEL
the maintenance of adequate accounting records
None of the directors of the company are disqualified in accordance with the provisions of the Companies
under the provisions of the Companies Act, 2013 (‘Act’) Act, 2013 for safeguarding the assets of the Company
or under the SEBI (Listing Obligations and Disclosure and for preventing and detecting fraud and other
Requirements) Regulations, 2015. irregularities;
During the year, Shri Amitava Ray (DIN: 00184143), d. that the annual accounts have been prepared on a
ceased to be the Whole-time Director of the Company going concern basis;
w.e.f. close of business hours of 1st February, 2021 The e. that proper Internal Financial Controls were in place
Board of Directors placed on record their appreciations and that the financial controls were adequate and
for the valuable contribution made by Shri Amitava Ray were operating effectively.
(DIN: 00184143) as the Whole-time-Director of the
Company and Shri Jagmohan Mongia (DIN: 09051022) f. that systems to ensure compliance with the provisions
has been appointed as an Additional & Whole-time of all applicable laws were in place and were adequate
Director on the Board of the Company w.e.f. 11th and operating effectively.
February, 2021. Your Directors welcome Shri Jagmohan The Company’s Internal Auditors conducted periodic
Mongia (DIN: 09051022) on the Board of the Company. audits to provide reasonable assurance that the
Company’s established policies and procedures are
Further the IFCI Limited had withdrawn the nomination
followed. The Audit Committee constituted by the Board
of Shri Anish Babu Venugopal (DIN: 02830575) as
reviewed the internal controls and financial reporting
nominee of IFCI Limited and nominated Shri Alok
issues with Internal Auditors and Statutory Auditors.
Sabharwal (DIN:02144568) as new nominee Director
w.e.f. 2nd December, 2020. The Board of Directors placed STATUTORY AUDIT & AUDITORS
on record their appreciations for the valuable contribution
There is no change in Statutory Auditors. M/s. KAAP &
made by Shri Anish Babu Venugopal (DIN: 02830575).
Associates, Chartered Accountants (Firm Registration
Further, your Directors welcome Shri Alok Sabharwal
No. 019416N), will continue as the Statutory Auditors of
(DIN:02144568) on the Board of the Company.
the Company as appointed for a term of five consecutive
All Independent Directors of your Company have given years from the conclusion of 28th Annual General Meeting
declarations confirming that they meet the criteria of till the conclusion of 33rd Annual General Meeting of the
Independence as prescribed both under the Act and Company pursuant to Section 139 of the Companies Act,
Securities and Exchange Board of India (Listing Obligations 2013.
and Disclosure Requirements) Regulations, 2015.
The Report given by M/s. KAAP & Associates, Chartered
RELATIONSHIP BETWEEN DIRECTORS INTER-SE Accountants (Firm Registration No. 019416N), Statutory
Auditors on the financial statement of the Company for
None of the Directors are related to each other within the
the year 2020-21 is part of the Annual Report. There has
meaning of the term “relative” as per Section 2(77) of the
been no qualification, reservation or adverse remark or
Companies Act, 2013.
disclaimer in their Report.
DIRECTORS’ RESPONSIBILITY STATEMENT
During the year under review, the Auditors had not
On the basis of representations received from the reported any matter under section 143(12) of the Act,
Executives of the Company, subject to disclosures in the therefore, no details are required to be disclosed in the
Annual Accounts and also on the basis of the discussion Board Report.
2 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
The Report of the Auditors on the financial statements CONSOLIDATED FINANCIAL STATEMENTS
including relevant notes on the accounts for the Financial
The Consolidated Financial Statements of the Company
Year ended 31st March, 2021 are self-explanatory and
are prepared in accordance with relevant Indian
therefore, do not call for any further comments.
Accounting Standards issued by the Institute of Chartered
COST AUDITORS Accountants of India and forms an integral part of this
Report.
As per the requirements of the Section 148 of the Act read
with the Companies (Cost Records and Audit) Rules, Pursuant to Section 129(3) of the Companies Act,
2014 as amended from time to time, your Company is 2013 read with Rule 5 of the Companies (Accounts)
required to maintain cost records and accordingly, such Rules, 2014, a statement containing salient features
accounts are made and records maintained every year. of the financial statements of Subsidiaries/Associate
Companies/Joint Ventures is given at note No. 46 of the
The Board of Directors of your Company has re-appointed
Consolidated Financial Statements in Form AOC-1 and
M/s. Jitender, Navneet & Co., Delhi, Cost Accountants
thus forms an integral part of this Report.
(Firm Registration No.00119) as Cost Auditors of the
Company for the financial year 2021-2022. CORPORATE SOCIAL RESPONSIBILITY
SECRETARIAL AUDITORS In accordance with the requirements of Section 135 of
Companies Act, 2013, your Company has a Corporate
The Board has re-appointed M/s Mahesh Gupta & Co.,
Social Responsibility (CSR) Committee, which comprises
Practicing Company Secretaries, Delhi as Secretarial
Smt. Indu Liberhan (DIN: 03341420), Chairperson; Shri
Auditor pursuant to the provisions of Section 204 of the
Achintya Karati (DIN: 00024412), Member and Shri
Companies Act, 2013. The Report of the Secretarial
Jagmohan Mongia (DIN: 09051022) (w.e.f. 11th February,
Auditor is annexed to the Report as per ANNEXURE – ‘A’.
2021), Member. Shri Amitava Ray (DIN: 00184143)
SUBSIDIARY COMPANIES ceased to be Member of the Committee w.e.f. close
of business hours of 1st February, 2021. The terms of
Flex Middle East FZE, UAE, UFlex Europe Limited, UK, reference of the Corporate Social Responsibility (CSR)
UFlex Packaging Inc., USA, UPET Holdings Limited, Committee is provided in the Corporate Governance
Mauritius, LLC Flex Chemicals Private Limited, Russia, Report. Your Company has also formulated a Corporate
and USC Holograms Pvt. Ltd., India are Subsidiary Social Responsibility Policy (CSR Policy) which is
Companies u/s 2(87) of the Companies Act, 2013. available on the website of the Company at http://www.
Further, Flex Americas S.A. De C.V., Mexico , Flex P. uflexltd.com/pdf/Policies/UFLEX-CSR-Policy.PDF
Films (Egypt) S.A.E, Arab Republic of Egypt, Flex Films
(USA) Inc. , USA, Flex Films Europa Sp. Zo.o., Poland, Annual report on CSR activities and initiatives taken
UPET (Singapore) Pte. Limited, Singapore, Flex Films as required under the Companies (Corporate Social
Africa Private Limited, Nigeria, Flex Films Rus, LLC, Responsibility Policy) Rules, 2014 has been appended as
Russia and Flex Films Europa Korlatolt Feleossegu ANNEXURE –‘B’ and forms integral part of this Report.
Tarsasag, Hungary are step-down subsidiaries of the
Company considers social responsibility as an integral
Company. Digicyl Pte. Limited, Singapore and Digicyl
part of its business activities and endeavors to utilize
Limited, Israel are JV of the Company.
allocable CSR budget for the benefit of the society and
In accordance with the General Circular issued by the environment. During the Financial Year 2020-2021, the
Ministry of Corporate Affairs, Government of India, Company was to undertake CSR Activities of an amount
the Balance Sheet, Profit and Loss Account and other of Rs. 212.75 Lacs based on the average profits of the
documents of the subsidiary companies are not being three preceding financial years. However, the Company
attached with the Balance Sheet of the Company. The spent Rs. 217.99 Lacs upto 31st March, 2021.
Company will make available the Annual Accounts
of the subsidiary companies and the related detailed CORPORATE GOVERNANCE
information to any member of the Company, who may be Your Company has taken adequate steps to ensure
interested in obtaining the same. The annual accounts compliance with the provisions of Corporate Governance
of the subsidiary companies will also be kept open for as prescribed under SEBI (Listing Obligations and
inspection at the Registered Office of the Company. The Disclosure Requirements) Regulations, 2015 with the
Consolidated Financial Statements presented by the Stock Exchanges.
Company include the financial results of its Subsidiary
Companies & Associate Companies. A separate Report on Corporate Governance along
with Report on Management Discussion and Analysis is
Financial position of each of the Subsidiaries is provided
enclosed as part of this Report as ANNEXURE - ‘C’ & ‘D’
in a separate statement attached to the Financial
and forms an Integral Part of this Report.
Statement pursuant to first proviso to Section 129(3) of
the Companies Act, 2013.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
DISCLOSURE UNDER COMPANIES ACT, 2013 VIGIL MECHANISM AND WHISTLE BLOWER
(i) Annual Return POLICY
The Annual Return of the Company as on 31st March, Fraud-free and corruption-free work culture has been
2021 is available on the Company’s website and can at the core of the Company’ functioning. In view of the
be accessed at https://www.uflexltd.com/pdf/Extract- potential risk of fraud and corruption due to rapid growth
Annual-Return/UFLEX-Annual-Return-2020-2021. and geographical spread of operations, the company has
pdf put even greater emphasis to address this risk.
To meet this objective, a Whistle Blower Policy has been
(ii) Meetings
laid down. The same policy as approved by the Board
During the year, Four Board Meetings and Four Audit is uploaded on the Company’s website www.uflexltd.com
Committee Meetings were convened and held. The at web-link http://www.uflexltd.com/pdf/Policies/UFLEX-
details of which are given in Corporate Governance Whistle-Blower-Policy.pdf
Report appended hereto.
BOARD EVALUATION
(iii) Composition of Audit Committee
Pursuant to the Provisions of the Companies Act, 2013
The Board has constituted an Audit Committee,
and under Securities and Exchange Board of India
which comprises Smt. Indu Liberhan (DIN:03341420)
(Listing Obligations and Disclosure Requirements),
as the Chairperson and Shri Achintya Karati (DIN:
Regulations 2015, the Board has carried out an Annual
00024412); Shri Tara Sankar Bhattacharya (DIN:
Performance Evaluation of its own performance and that
00157305), Shri Pradeep Narendra Poddar (DIN:
of its Committees and all the Directors individually.
00025199) and Shri Jagmohan Mongia (DIN:
09051022) as the Members. Shri Amitava Ray (DIN The evaluation of Non-Independent Directors, Chairman
:00184143) ceased to be Member of Audit Committee and the Board as a whole was done at a separate meeting
w.e.f. closing business hours of 1st February, 2021. by the Independent Directors.
More details about the Committee are given in the
Corporate Governance Report appended hereto. DISCLOSURE UNDER SEXUAL HARASSMENT
OF WOMEN AT WORKPLACE (PREVENTION,
(iv) Related Party Transactions PROHIBITION AND REDRESSAL) ACT, 2013
All related party transactions are negotiated on an Internal Complaints Committee (ICC) has been set up to
arm’s-length basis and are in ordinary course of redress complaints received regarding sexual harassment.
business. Therefore, the Provisions of Section 188(1) No complaints were received from any employee during
of the Companies Act, 2013 are not applicable. the financial year 2020-2021 and hence no complaint is
However, suitable disclosure has been made in the outstanding as on 31st March, 2021 for redressal.
notes to the Financial Statements.
MATERIAL CHANGES AND COMMITMENTS, IF
The Related Party Transactions Policy as approved ANY, AFFECTING THE FINANCIAL POSITION
by the Board is uploaded on the Company’s website: OF THE COMPANY WHICH HAVE OCCURRED
www.uflexltd.com at the web-link http://www. BETWEEN THE END OF THE FINANCIAL YEAR
uflexltd.com/pdf/Policies/UFLEX-RELATED-PARTY- OF THE COMPANY TO WHICH THE FINANCIAL
TRANSACTIONS-POLICY.pdf STATEMENTS RELATE AND THE DATE OF THE
(v) Particulars of Loans, Guarantees and REPORT
Investments There has been no material change and commitments
Details of Loans, Guarantees and Investments are occurred, between the end of the financial year of the
given in the accompanying Financial Statements. Company i.e. 31st March, 2021 and the date of this report
affecting financial position of the Company.
(vi) There is no proceeding pending under the Insolvency
and Bankruptcy Code, 2016 (31 of 2016) during the COMPLIANCE WITH SECRETARIAL STANDARDS
year. ON BOARD AND ANNUAL GENERAL MEETINGS
The Company has complied with Secretarial Standards
(vii) There was no instance of one time settlement with
issued by the Institute of Company Secretaries of India
any Bank or Financial Institution.
on Board Meetings and Annual General Meetings.
SIGNIFICANT AND MATERIAL ORDERS PASSED RISK MANAGEMENT
BY THE REGULATORS OR COURTS
Risk Management is a very important part of any
There are no significant and material orders passed by business. Company’s Risk Management Policy divides
any Regulator or Court, which would impact the going Risk into two broad categories; one Risk Associated at
concern status of the Company and its future operations. the Transactional Level and the other Risk Associated at
INTERNAL FINANCIAL CONTROLS the Decision Making Level.
A detailed note has been provided under Management In respect of the Risk Associated at Transactional Level,
Discussion and Analysis Report appended hereto. the company has appropriate control mechanism and

UFLEX LIMITED
CIN: L74899DL1988PLC032166
operating effectiveness of the Internal Financial Controls make a positive difference and create maximum value
and Legal Compliance System. The company has for the society. It has been conducting business in a way
created appropriate structures with proper delegation of that delivers long-term shareholder value and benefits
duties and responsibilities of employees at each level on society. As stipulated under the Listing Regulations, the
enterprise basis for compliances thereof. Business Responsibility Report describing the initiatives
taken by the Company from an environmental, social
In respect of Risk Associated at Decision Making level
and governance perspective is attached in the format
like political, social & economic, market, technology,
prescribed as ANNEXURE – ‘G’ and forms integral part
capital structure, foreign exchange & interest rate, they
of the Annual Report.
are evaluated before taking any strategic & financial
decisions. AWARDS
Adequacy and operative effectiveness of the Internal Details of Awards and Accolades conferred by reputable
Financial Control and Legal Compliance System are organizations/ bodies based out of India and Overseas for
periodically reviewed by the management, Internal excellence received by your Company & its subsidiaries
Auditors, Statutory Auditors and the Audit Committee. are mentioned in Management and Discusiion and
However no risk has been identified which in the opinion Analysis section of the Annual Report and some of these
of the Board may threaten the existence of the Company. awards & accolades includes:
POLICY ON REMUNERATION • UFlex won Packaging Gateway Excellence Awards

2020 in the category ‘Environmental Impact’
The Company has in place Nomination and for driving the circular economy with its path-
Remuneration Policy for Directors, Key Management breaking technology to recycle MLP packaging
Personnel and Senior Management Personnel. The homogeneously.
said Policy is available at www.uflexltd.com (weblink
https://www.uflexltd.com/pdf/Policies/Uflex-Nomination- • AIMCAL 2020 Awards for ‘Product Excellence’ was
Remuneration-Policy.pdf). presented to FLEXITUBES for Clariss Organic Face
Wash.
PARTICULARS OF EMPLOYEES
• AIMCAL 2020 Awards for ‘Technical Excellence’ to
The information required pursuant to Section 197 UFlex 4D Bags with handle for Royal Gold & Rice
read with Rule 5 of The Companies (Appointment and King.
Remuneration of Managerial Personnel) Rules, 2014 in
respect of employees of the Company will be provided • ASEPTO, the Aseptic Liquid Packaging Business of
upon request. In terms of Section 136 of the Act, the UFlex was awarded with ‘The Most Admired Brand of
Report and Accounts are being sent to the Members 2020’ title by White Page International. Its President
and others entitled thereto, excluding the information on & CEO Ashwani Sharma was honoured as one of
employees’ particulars which is available for inspection the ‘Inspirational Leaders of India 2020’ by them.
by the Members at the Registered Office of the Company Further the details of all Awards and Accolades conferred
during business hours on working days of the Company upon the Company are also provided on the Company’s
up to the date of the ensuing Annual General Meeting. website at http://www.uflexltd.com/awards.php.
Members interested in obtaining a copy thereof, may
write to the Company Secretary in this regard. PERSONNEL
Disclosures pertaining to remuneration and other details Personnel relations with all employees remained cordial
as required under Section 197(12) of the Act read and harmonious throughout the year. Your Directors
with Rule 5(1) of the Companies (Appointment and wish to place on record their sincere appreciation for the
Remuneration of Managerial Personnel) Rules, 2014 are continued, sincere and devoted services rendered by all
provided as per ANNEXURE - ‘E’. the employees of the Company.
ENERGY CONSERVATION, TECHNOLOGY ACKNOWLEDGEMENT
ABSORPTION AND FOREIGN EXCHANGE The Directors express their gratitude and thanks to all the
EARNINGS AND OUTGO Indian and International Financial Institutions & Banks,
The information on conservation of energy, technology Government Authorities both in India & overseas where
absorption and foreign exchange earnings and outgo company’s operations are carried out, Shareholders,
stipulated under Section 134(3)(m) of the Companies Customers, Suppliers and other Business Associates for
Act, 2013 read with Rule, 8 of the Companies (Accounts) their continued co-operation and patronage.
Rules, 2014, is annexed as ANNEXURE - ‘F’.
For & On behalf of the Board
BUSINESS RESPONSIBILITY REPORT
UFLEX’s approach to business is Creating Shared Value
as used by your Company and it is about the impact of Ashok Chaturvedi
the business and engagement through it. Your Company Place : NOIDA Chairman & Managing Director
is mindful of the needs of the communities and works to Dated : 29th June 2021 (DIN 00023452)

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE-‘A’
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
To
The Members
UFLEXLIMITED
(CIN:L74899DL1988PLC032166)
305, 3rd Floor, Bhanot Corner,
Pamposh Enclave, Greater Kailash-I,
New Delhi-110048
We have conducted the Secretarial Audit of the Compliance of applicable statutory provisions and the adherence to
good corporate practices by UFLEX LIMITED (hereinafter called the “Company”). Secretarial Audit was conducted
in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of Secretarial Audit; we hereby report that in our opinion, the Company has, during
the audit period covering the financial year ended on 31st March, 2021complied with the statutory provisions listed
hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent,
in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the financial year ended on 31st March, 2021according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’):-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,2015
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018– Not Applicable as the Company did not issue any securities during the financial year under
review.
d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 -Not
Applicable as the Company has not granted any Options to its employees during the financial year
under review.
e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008–Not
applicable as the Company has not issued any debt securities during the financial year under review.
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with client- Not Applicable as the Company is not registered
as Registrars to an Issue and Share Transfer Agents during the financial year under review.
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009- Not Applicable
as the Company has not got delisted its equity shares from any stock exchange during the financial
year under review.
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018- Not Applicable as
the Company has not bought back any of its securities during the financial year under review.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(vi) The management has identified and informed the following laws as being specifically applicable to the Company:
1. Indian Boilers Act, 1923 and Rules made thereunder
2. The Petroleum Act, 1934 and Rules and Regulations made thereunder
3. Hazardous Waste (Management, Handling and Transboundary Movement) Rules, 2016
4. Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016
5. Water (Prevention and Control of Pollution) Act, 1974 and Rules made thereunder
6. Air (Prevention and Control of Pollution) Act, 1981 and Rules made thereunder
7. Environment (Protection) Act, 1986 and Rules made thereunder
8. Legal Metrology Act, 2009 and Rules made thereunder
9. The Plastic Waste Management Rules, 2016
10. The E-waste (Management) Rules, 2016
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India
(ii) The Listing Agreement entered into by the Company with National Stock Exchange of India Limited and BSE
Limited and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
We further report that
The Board of Directors and the Committees of the Company are duly constituted with proper balance of Executive
Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of
Directors that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful participation at the meeting.
All decision at Board Meeting and Committee meetings are carried out unanimously and the views of dissenting
members, if any, are captured and recorded as part of the minutes of Board of Directors or Committees of the Board,
as the case may be.
We further report that based on the compliance mechanism established by the Company and on the basis of the
Certificates issued by the Managing Director & CEO and CFO and taken on record by the Board of Directors at
their meeting(s),we are of the opinion that the management has adequate systems and processes in the Company
commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines.
We further report that during the audit period no major actions having a bearing on the Company’s affairs in pursuance
of the above referred laws, rules, regulations, guidelines, standards etc. above taken place.
For Mahesh Gupta and Company

Company Secretaries
Mahesh Kumar Gupta

Proprietor
FCS No.: 2870
Place : Delhi C P No.: 1999
Date : 29th June, 2021 UDIN: F002870C000534159
This report is to be read with our letter of even date which is annexed as ‘Annexure –A-1” and forms an integral part
of this report.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE – A-1
To
The Members
UFLEX LIMITED
(CIN: L74899DL1988PLC032166)
New Delhi-110048
Our report of even date is to be read along with this letter.
1) Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is
to express an opinion on these Secretarial records based on our audit.
2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verifications were done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide
a reasonable basis for our opinion.
3) We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company.
4) The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the management. Our examination was limited to the verification of procedures on test basis.
5) Wherever required, we have obtained the management’s representation about the compliance of laws, rules and
regulations and happening of events etc.
6) The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficiency
or effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries
Mahesh Kumar Gupta

Proprietor
FCS No.: 2870

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE – ‘B’
CSR REPORT FOR THE FY 2020-21
1 Brief outline on CSR Policy of the UFLEX strives to be a socially responsible company and strongly believes in
Company development which is beneficial for the society at large. As a Corporate Citizen
receiving various benefits out of society, it is our co-extensive responsibility to pay back
in return to the society in terms of helping needy people by providing foods, clothes,
etc., keeping the environment clean and safe for the society by adhering to the best
industrial practices and adopting best technologies, and so on. It is the Company’s
intent to make a positive contribution to the society in which the Company lives and
operates
2 Composition of CSR Committee:
Sl. Name of Director Designation / Nature of Number of meetings of Number of meetings
No. Directorship CSR Committee held of CSR Committee
during the year attended during the year
1. Smt. Indu Liberhan Chairperson / Independent 1 1
Director
2. Shri Achintya Karati Member / Independent 1 1
Director
3. Shri Amitava Ray Member / Executive 1 1
(upto 01.02.2021) Director
4. Shri Jagmohan Mongia Member / Executive Nil Nil
(w.e.f. 11.02.2021) Director
3 Provide the web-link where Composition of CSR committee, CSR https://www.uflexltd.com/pdf/Policies/Uflex-CSR-Policy.
Policy and CSR projects approved by the board are disclosed on pdf
the website of the company.
4 Provide the details of Impact assessment of CSR projects carried NOT APPLICABLE
out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social responsibility Policy) Rules, 2014, if applicable
(attach the report).
5 Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility
Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sl. Financial Year Amount available for set-off Amount required to be set- off
No from preceding financial years for the financial year, if any (in
(in Rs) Rs)
1 2019-20 NIL NIL
2 2018-19 NIL NIL
3 2017-18 NIL NIL
TOTAL NIL NIL
6 Average net profit of the company as per section 135(5). Rs. 10,637.26 Lacs
7 (a) Two percent of average net profit of the company as per section 135(5) Rs. 212.75 Lacs
(b) Surplus arising out of the CSR projects or programmes or activities of the N.A.
previous financial years.
(c) Amount required to be set off for the financial year, if any N.A.
(d) Total CSR obligation for the financial year (7a+7b- 7c) Rs. 212.75 Lacs
8 (a) CSR amount spent or unspent for the financial year:
Total Amount Spent Amount Unspent (in Rs.)

for the Financial Year
Total Amount transferred to Amount transferred to any fund specified under
(Rs. in Lacs)
Unspent CSR Account as per Schedule VII as per second proviso to section 135(5).
section 135(6).
Amount. Date of transfer Name of the Fund Amount Date of transfer
217.99 N.A. N.A.

(b) Details of CSR amount spent against ongoing projects for the financial year: NIL
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. N a m e Item from the Local area Location of P r o j e c t Amount allocated Amount spent in the Amount transferred to Mode of Implementation Mode of Implementation –
No. of the list of activities (Yes / No) the project. duration. for the project (in current financial Year Unspent CSR Account for Direct (Yes / No). Through Implementing Agency
Project. in Schedule VII Rs.). (in Rs.). the project as per Section
to the Act. 135 (6) (in Rs.).
State District Name CSR Registration
CIN: L74899DL1988PLC032166
number.
NIL
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)

Sl. Name of the Item from the list of activities in schedule VII to the Act. Local area Location of the project Amount spent Mode of Mode of implementation
UFLEX LIMITED
No. Project (Yes/ No) for the project implementation- – Through implementing
(in Rs.). Direct agency.
(Yes / No).
State. District. Name CSR
registration
number.
1. Village Companies Act 2013; Section 135, Schedule VII, item iv Ensuring Yes Uttar Gautam 2,06,500/- Yes -- --
Ecosystem environmental sustainability, ecological balance, protection of Pradesh Budha
Restoration flora and fauna, animal welfare, agroforestry, conservation of Nagar
through natural resources, and maintaining quality of soil, air and water
community action [including contribution to the clean ganga Fund set-up by the
Central Government for rejuvenation of river ganga];
2. Promoting Companies Act 2013; Section 135, Schedule VII, item Yes Delhi South Delhi 2,25,000/- No Bluebells N.A.
Education ii promoting education, including special education and Educational
employment enhancing vocation skills especially among Trust
children, women, elderly, and the differently abled and livelihood
enhancement projects
3. Promoting Companies Act 2013; Section 135, Schedule VII, item i: Yes Delhi South Delhi 30,00,000/- No Dental & N.A.
Education and Eradicating hunger, poverty and malnutrition, ‘‘promoting Medical
health care health care including preventinve health care’’] and sanitation Education
4[including contribution to the Swach Bharat Kosh set-up by the Trust
Central Government for the promotion of sanitation] and making
available safe drinking water. And item ii promoting education,
including special education and employment enhancing
vocation skills especially among children, women, elderly, and
the differently abled and livelihood enhancement projects
4.. Village Companies Act 2013; Section 135, Schedule VII, item iv Ensuring Yes Uttar Gautam 14,40,000/- Yes -- --
Ecosystem environmental sustainability, ecological balance, protection Pradesh Budha
Restoration of flora and fauna, animal welfare, agroforestry, conservation Nagar
through of natural resources, and maintaining quality of soil, air and
community action water[including contribution to the clean ganga Fund set-up by
the Central Government for rejuvenation of river ganga];
(1) (2) (3) (4) (5) (6) (7) (8)
5. Promoting Companies Act 2013; Section 135, Schedule VII, item Yes Uttar Gautam 63,164.52 Yes -- --
Education ii promoting education, including special education and Pradesh Budha
(Network Quality employment enhancing vocation skills especially among Nagar
Education children, women, elderly, and the differently abled and livelihood
Foundation) enhancement projects
6. Promoting Companies Act 2013; Section 135, Schedule VII, item vii Yes Delhi North West 100,000/- No Noida College N.A.
Education Training to promote rural sports, nationally recognised sports, Delhi of Physical
paralympic sports and Olympic sports Education
7. Promoting Companies Act 2013; Section 135, Schedule VII, item iv Ensuring Yes Uttar Gautam 64,100/- Yes -- --
environmental environmental sustainability, ecological balance, protection Pradesh Budha
sustainability at of flora and fauna, animal welfare, agroforestry, conservation Nagar
Gautam Budha of natural resources, and maintaining quality of soil, air and
Nagar water[including contribution to the clean ganga Fund set-up by
8. Promoting Companies Act 2013; Section 135, Schedule VII, item iv Ensuring Yes Uttar Gautam 90,00,000/- No Sansthanam N.A.
environmental environmental sustainability, ecological balance, protection Pradesh Budha Abhay
sustainability at of flora and fauna, animal welfare, agroforestry, conservation Nagar Daanam
Gautam Budha of natural resources, and maintaining quality of soil, air and
Nagar water[including contribution to the clean ganga Fund set-up by
9. Promoting Companies Act 2013; Section 135, Schedule VII, item ii Yes Uttar Gautam 77,00,000/- No Shri N.A.
Education : Promoting education, including special education and Pradesh Budha Jagatbharti
employment enhancing vocation skills especially among Nagar Education and
children, women, elderly and the differently abled and livelihood Charitable
enhancement projects. Trust
TOTAL 2,17,98,764.52
(d) Amount spent in Administrative Overheads Nil
(e) Amount spent on Impact Assessment, if applicable N.A.
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) 2,17,98,764.52
(g) Excess amount for set off, if any :

Sl. Particular Amount (Rs. in
No. Lacs)
(i) Two percent of average net profit of the company as per section 135(5) 212.75
(ii) Total amount spent for the Financial Year 217.99
(iii) Excess amount spent for the financial year [(ii)-(i)] 5.24
UFLEX LIMITED
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any Nil
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 5.24
CIN: L74899DL1988PLC032166

UFLEX LIMITED
CIN: L74899DL1988PLC032166
9. (a) Details of Unspent CSR amount for the preceding three financial years: N.A.
Sl. Preceding Amount transferred Amount Amount transferred to any fund specified Amount remaining
No. Financial to Unspent CSR spent in the under Schedule VII as per section 135(6), to be spent in
Year Account under reporting if any. succeeding financial
section 135 (6) Financial years.
(in Rs.) Year Name of the Amount (in Date of (in Rs.)
(in Rs.). Fund Rs). transfer
- - - - -- - - -
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): N.A.
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project ID Name Financial Project Total Amount Cumulative Status of

No. of the Year in duration amount spent on the amount spent the project-
Project which the allocated project in at the end Completed
project was for the the reporting of reporting / Ongoing
commenced project (in Financial Financial Year.
Rs.) Year (in Rs.)
(in Rs)
1.
2.
3.
TOTAL
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset Not Applicable
so created or acquired through CSR spent in the financial year (asset-wise details).
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address
etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5).
Not Applicable
(ASHOK CHATURVEDI) (INDU LIBERHAN)

Chairman & Managing Director Chairperson of CSR Committee
DIN : 00023452 DIN: 03341420
Place : NOIDA
Dated : 29th June, 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE –‘C’
REPORT ON CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
In compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended from time to time (“the Listing Regulations”), the Company submits the Report on
Corporate Governance followed by the Company.
1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE
UFLEX’s philosophy on Corporate Governance envisages the attainment of the highest level of transparency and
accountability in all facets of its operations and in all its interactions with its stakeholders including shareholders,
employees, the Government and the lenders.
UFLEX believes that all its operations and actions must serve the underlying goal of enhancing overall shareholders’
value over a sustained period of time.
2. BOARD OF DIRECTORS
a) Composition & Category of the Board (As on March 31, 2021)
The Board of Directors of the Company comprises of Eight Directors, consisting of two Executive Directors
(including Executive Chairman), five Independent Non-Executive Directors (including one Woman Director)
and one Nominee Director of IFCI being lender to the Company. The Board consists of eminent persons with
considerable professional expertise and experience in business and industry, finance, audit, law, banking
and public enterprises. Further, none of the Independent Directors of the Company serve as an Independent
Director in more than Seven Listed Companies and no Independent Director is serving as a Whole-time
Director in any Listed Company. All the Directors have made disclosures regarding their directorships and
memberships on various Committees across all Companies in which they are Directors and Members.
The composition and category of Directors as on 31.03.2021 are as follows:
Sl. Name of Director Designation Category
No.
1. Shri Ashok Chaturvedi Chairman & Managing Promoter/Executive Chairman
DIN : 00023452 Director
2. Shri Jagmohan Mongia (^) Whole-time Director Executive Director
DIN : 09051022
3. Shri Achintya Karati Director Independent, Non-Executive
DIN : 00024412
4. Shri Alok Sabharwal(@) Director Non-Executive, Nominee
DIN : 02144568 Director - IFCI Limited ( Lender)
5. Shri Tara Sankar Bhattacharya Director Independent, Non-Executive
DIN : 00157305
6. Smt. Indu Liberhan Director Independent, Non-Executive
DIN : 03341420
7. Shri Arvind Mahajan Director Independent, Non-Executive
DIN : 02410540
8. Shri Pradeep Narendra Poddar Director Independent, Non-Executive
DIN : 00025199
^) Shri Jagmohan Mongia (DIN : 09051022) is appointed as Whole-time Director of the Company w.e.f. 11th February,
2021.
(@) Shri Alok Sabharwal (DIN : 02144568) is appointed as Nominee Director of the Company by IFCI w.e.f. 2nd December,
2020.
Note:
(1) Shri Amitava Ray (DIN : 00184143) ceased to be Whole-time Director of the Company w.e.f. closing business hours of
1st February, 2021.
(2) The Nomination of Shri Anish Babu Venugopal (DIN : 02830575) as Nominee-Director of the Company was withdrawn
by IFCI w.e.f. 2nd December, 2020.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
b) Board Meetings and Attendance Record of each Director

Four Board Meetings were held during the financial year 2020-2021. The dates on which the meetings were
held are 30.06.2020, 18.08.2020, 11.11.2020 and 11.02.2021.
Attendance of each Director at the Board Meetings, Last Annual General Meeting and number of other
Directorship and Chairmanship/Membership of Committee of each Director in various public companies and
the names of the Listed Entities where the Person is a Director and the Category of Directorship are as follows:
(i) Four Board Meetings were held during the financial year 2020-2021. Attendance of each Director at
the Meeting of the Board of Directors and the Last Annual General Meeting is as follows:
Sl. Name of the Director Attendance Particulars

No. Board Meetings Last AGM
1. Shri Ashok Chaturvedi 4 No
2. Shri Jagmohan Mongia (^) 1 No
3. Shri Amitava Ray (#) 3 Yes
4. Shri Achintya Karati 4 Yes
5. Shri Anish Babu Venugopal ($) 1 Yes
6. Shri Alok Sabharwal (@) 1 No
7. Shri Tara Sankar Bhattacharya 4 No
8. Smt. Indu Liberhan 4 Yes
9. Shri Arvind Mahajan 4 No
10. Shri Pradeep Narendra Poddar 4 No
(^) Shri Jagmohan Mongia (DIN : 09051022) is appointed as Whole-time Director of the Company w.e.f. 11th February,
2021.
(#) Shri Amitava Ray (DIN : 00184143) ceased to be Whole-time Director of the Company w.e.f. closing business
hours of 1st February, 2021.
(@) Shri Alok Sabharwal (DIN : 02144568) is appointed as Nominee Director of the Company by IFCI w.e.f. 2nd
December, 2020.
($) The Nomination of Shri Anish Babu Venugopal (DIN : 02830575) as Nominee-Director of the Company was
withdrawn by IFCI w.e.f. 2nd December, 2020.
Note: Due to the exceptional circumstances caused by the COVID-19 pandemic and consequent relaxations granted
by MCA and SEBI, some of the members, attended the Board Meetings, through Video Conferencing (VC) / Other
Audio-Visual Means (OAVM), during the FY 2020-21. Last AGM was held through Video Conferencing (VC) /
Other Audio-Visual Means (OAVM).
(ii) Directorships and Committee Memberships/Chairmanships in other Public Limited Companies /
the names of the Listed Entities where the Person is a Director and the Category of Directorship
as on 31st March, 2021
Name of the Director No. of other Directorship and Committee Names of the other Listed Entities
Membership / Chairpersonship where the person is a director and
Other No of Member- No. of Chairman- the category of directorship
Directorship ship(s) of Board ship(s) of Board
(in Public Committees Committees in
Co.) in other other Companies
Companies (*) (*)
Shri Ashok Chaturvedi 1 -- -- 1) Flex Foods Limited,
(Non-Executive Chairman)
Shri Jagmohan Mongia -- -- -- --
(^)
Shri Achintya Karati 5 6 0 1) J. K. Cement Limited,
(Independent , Non-Executive)
2) Jay Bharat Maruti Limited,
3) Delton Cables Limited,
4) Sangam (India) Limited,

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Name of the Director No. of other Directorship and Committee Names of the other Listed Entities
Membership / Chairpersonship where the person is a director and
Other No of Member- No. of Chairman- the category of directorship
Directorship ship(s) of Board ship(s) of Board
(in Public Committees Committees in
Co.) in other other Companies
Companies (*) (*)
Shri Alok Sabharwal -- -- -- --
(@)
Shri Tara Sankar 3 3 -- 1) Surya Roshni Limited,
Bhattacharya (Independent , Non-Executive)
2) Nandan Denim Limited,
Smt. Indu Liberhan 1 1 1 1) Flex Foods Limited
Shri Arvind Mahajan -- -- -- --

Shri Pradeep 3 2 2 1) Welspun India Limited,
Narendra Poddar (Independent , Non-Executive)
2) Polycab India Limited
(*) In accordance with the Listing Regulations, Membership and Chairpersonship of the Audit Committee and Stakeholders’
Relationship Committee alone in all Public Limited Companies whether Listed or not (excluding UFLEX Limited) have been
considered. Further, every Director has informed the Company about the Committee positions he / she occupies in other Companies
as on 1st April, 2021. Further, No. of Membership of Board Committees in other Companies is inclusive of Chairmanship(s) if any
held by the respective Director(s).
(^) Shri Jagmohan Mongia (DIN : 09051022) is appointed as Whole-time Director of the Company w.e.f. 11th February, 2021.
(@) Shri Alok Sabharwal (DIN : 02144568) is appointed as Nominee Director of the Company by IFCI w.e.f. 2nd December, 2020.
Note:
(1) Shri Amitava Ray (DIN : 00184143) ceased be Whole-time Director of the Company w.e.f. closing business hours of
1st February, 2021.
(2) The Nomination of Shri Anish Babu Venugopal (DIN : 02830575) as Nominee-Director of the Company was withdrawn by IFCI
w.e.f. 2nd December, 2020.
c) Disclosure of relationships between directors inter-se;

None of the Directors are related to each other within the meaning of the term ‘relative’ as per section 2(77) of
the Companies Act, 2013.
d) Number of shares and convertible instruments held by Non-Executive Directors:
As on 31st March, 2021, none of the Non-Executive Directors of the Company held shares and convertible
instruments of the Company.
e) Board Procedure
The Board Meetings of the Company are convened by the Company Secretary on the direction of the Chairman.
Sufficient notice in writing is given to all Directors for the Board Meetings and/or other Committee Meetings. All
important matters concerning the working of the Company along with requisite details are placed before the
Board.
f) Information supplied to the Board
The Board has complete access to all information of the Company, including inter-alia, the information to be
placed before the Board of Directors as required under the Listing Regulations.
The important decisions taken at the Board / Board Committee meetings are communicated to the concerned
Departments / Divisions.
g) Skills / Expertise / Competence of the Board of Directors
The Company is a leading Indian multinational engaged in manufacturing, sale and export of flexible packaging
products across the globe, therefore requires skills / expertise not only in flexible packaging business, but
also in areas such as finance, banking, quality, operations, research & development, marketing and logistics.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Shri Ashok Chaturvedi, Company’s Chairman & Managing Director is the Chief Promoter of UFLEX Group
of Companies, who had set up the business himself being the first generation entrepreneur and has in depth
knowledge in flexible packaging business of the company. Mr. Ashok Chaturvedi, conferred with Award of
'Father of Flexible Packaging' at 1st Global Conference on Plastic & Packaging 2019.
The Board of Directors of the Company comprises highly qualified members, possessing required skills,
expertise and competence in making effective contributions towards the growth of the Company. Leadership,
operational experience, strategic planning, industry experience, research & development, innovation, consumer
insights, marketing, supply chain management and branding are the key core skill / expertise / competence,
in the context of the Company’s business apart from governance, finance, taxation and regulatory affairs
functions. In the opinion of the Board, these skills are available with the Member of the Board of Directors and
the following chart / matrix depicts the aforesaid skills/expertise/competence possessed by the Member of the
Board of Directors of the Company:
Sl. Name of Director(s) Skills / expertise / competence

No.
1 Shri Ashok Chaturvedi Leadership, Business Strategy, Industry Experience specially
in Flexible Packaging Industry, Sales & Marketing, Strategic
Planning, Product Innovation, etc.
2 Shri Jagmohan Mongia (^) Operations, Sales & Marketing, Financial Management &
Accounting, Research & Development (R&D), etc.
3 Shri Amitava Ray (#) Business Strategy & Operations, Industry Experience, etc.
4 Shri Achintya Karati Finance Management, Banking, Legal, Taxation and Capital
Markets, Regulatory Affairs, etc.
5 Shri Anish Babu Venugopal ($) Finance Management, Credit Risk Management and NPA
Resolution, Credit Appraisal & Monitoring, etc.
6 Shri Alok Sabharwal (@) Finance Management, Credit, Merchant Banking, NPA
Resolution, Corporate Advisory, etc.
7 Shri Tara Sankar Bhattacharya Debt & Restructuring Advisory, Banking, etc.
8. Smt. Indu Liberhan Finance Management, Banking, Taxation and Capital Markets,
Corporate Governance, etc.
9. Shri Arvind Mahajan Finance Management, Law, Sales, Marketing, Administration,
Research, Corporate Governance, Technical operations, etc.
10. Shri Pradeep Narendra Poddar Strategic Planning, Business Operations, Industry Experience,
Risk Management, Consumer insights & Supply Chain
Management & Branding
(^) Shri Jagmohan Mongia (DIN : 09051022) is appointed as Whole-time Director of the Company w.e.f. 11th February,
2021.
(#) Ceased to be Whole-time Director w.e.f. 1st February, 2021
(@) Shri Alok Sabharwal (DIN : 02144568) is appointed as Nominee Director of the Company by IFCI w.e.f. 2nd December,
2020.
($) Nomination was withdrawn by IFCI w.e.f. 2nd December, 2020
h) Compliance reports of all laws applicable to the Company

The periodical reports submitted by the Internal Auditors and by the concerned executives of the Company with
regard to compliance of all laws applicable to the Company including steps taken by the Company to rectify
instances of non-compliances, if any, are being reviewed by the Audit Committee and the Board.
i) Compensation or Profit Sharing
No Employee including Key Managerial personnel or director or promoter of the Company has entered into
any agreement for himself or on behalf of any other person, with any shareholder or any other third party with
regard to compensation or profit sharing in connection with dealings in the securities of the Company.
j) Independent Directors
Independent Directors plays an important role in the governance processes of the Board. They bring their
expertise and experience in the deliberations of the Board. This enriches the decision making process at the
Board with different points of view and experiences and prevents conflict of interest.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
The appointment of the Independent Directors is carried out in a structured manner. The Nomination &
Remuneration Committee identifies potential candidates based on certain laid down criteria and takes into
consideration the diversity of the Board. The terms and conditions of appointment of Independent Directors
are available on the website of the Company www.uflexltd.com (weblink: https://www.uflexltd.com/pdf/Policies/
Uflex-terms-conditions-of-appointment-of-independent-directors.pdf)
The Independent Directors have confirmed that they meet with the criteria of independence laid down under
the provisions of Companies Act, 2013 and the Listing Regulations.
Separate Meetings of Independent Directors
As stipulated the Code of Conduct for Independent Directors under the Companies Act, 2013 and the Listing
Regulations, a separate Meeting of the Independent Directors of the Company was held on 11th February,
2021 to review the performance of Non-Independent Directors (including the Chairman) and the Board as
whole. The Independent Directors also assessed the quality, quantity and timeliness of flow of information
between the Company Management and the Boards which is necessary to effectively and reasonably perform
and discharge their duties.
During the year, none of the Independent Directors of the Company had resigned before the expiry of their
respective tenure(s).
k) Familiarization Programme for Independent Directors
The Independent directors of UFLEX are eminent personalities having wide experience in the field of business,
finance, industry, commerce and administration. Their presence on the Board has been advantageous and
fruitful in taking business decisions. The Independent Directors appointed by the Board are given induction
and orientation with respect to the Company’s vision, strategic direction, core values, including ethics,
corporate governance practices, financial matters and business operations by having one-to-one meetings.
Independent Directors are also requested to access the necessary documents / brochures, Annual Reports
and internal policies available at website of the Company www.uflexltd.com to enable them to familiarize
with the Company’s procedures and practices. Periodic presentations are made by Senior Management,
Statutory and Internal Auditors at the Board/Committee meetings on business and performance updates of
the Company, global business environment, business risks and its mitigation strategy, impact of regulatory
changes on strategy etc. Updates on relevant statutory changes encompassing important laws are regularly
intimated to the Directors.
Further the company has familiarization programme for Independent Directors with regard to their roles, rights,
responsibilities in the Company nature of the industry in which the Company operates, the business model of
the Company etc. The details of familiarization programme imparted to the Independent directors during the
year are available on the website of the Company (weblink : https://www.uflexltd.com/pdf/Policies/UFlex_FP-
Independent-Directors_20-21.pdf)
3. AUDIT COMMITTEE
Presently, the Audit Committee comprises of Five Members from the Board of Directors viz., Smt. Indu Liberhan,
Shri Jagmohan Mongia, Shri Achintya Karati, Shri Tara Sankar Bhattacharya & Shri Pradeep Narendra Poddar. All
the Members of the Audit Committee are Non-Executive and Independent Directors except Shri Jagmohan Mongia
(Executive, Whole-time Director). Shri Jagmohan Mongia is appointed as the Member of the Audit Committee w.e.f.
11th February, 2021 in place of Shri Amitava Ray. Smt. Indu Liberhan is the Chairperson of the Audit Committee.
Majority of the members of Audit Committee have accounting and financial management expertise. The Company
Secretary of the Company acts as the Secretary to the Audit Committee.
Smt. Indu Liberhan (Chairperson of Audit Committee) was present in the last Annual General Meeting held on 17th
September, 2020.
The terms of reference, role and power of the Audit Committee as revised and stipulated by the Board of Directors
from time to time are in conformity and in line with the statutory and regulatory requirements as prescribed under
Section 177 of the Companies Act, 2013 and the Listing Regulations.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Details of Meetings and Attendance

During the year, the Audit Committee had met four times on 30.06.2020, 18.08.2020, 11.11.2020 & 11.02.2021.
The attendance of each Committee members is as under:
Name of Member Meetings Attended

Smt. Indu Liberhan 4
Shri Achintya Karati 4
Shri Jagmohan Mongia (^) Nil
Shri Amitava Ray (#) 3
Shri Tara Sankar Bhattacharya 4
Shri Pradeep Narendra Poddar 4
Note :
(^) Shri Jagmohan Mongia (DIN:09051022) is appointed as Whole-time Director of the Company w.e.f. 11th February, 2021.
(#) Shri Amitava Ray (DIN:00184143) ceased be Whole-time Director of the Company w.e.f. closing business hours of 1st
February, 2021.
Due to the exceptional circumstances caused by the COVID-19 pandemic and consequent relaxations
granted by MCA and SEBI, some of the members, attended the Audit Committee Meetings, through Video
Conferencing (VC) / Other Audio-Visual Means (OAVM), during the FY 2020-21.
The head of Finance, Internal Auditors and Statutory Auditors are permanent invitees to the Audit Committee
Meetings. Further, representatives from various Divisions / Departments of the Company also attend the meetings
as and when desired by the members of the Committee to answer and clarify questions raised at the Audit
Committee.
4. NOMINATION AND REMUNERATION COMMITTEE

Terms of Reference
The terms of reference of the Nomination and Remuneration Committee includes:
a) To identify persons who are qualified to become directors and who may be appointed in the senior management,
recommend to the Board about their appointment and removal and carry out evaluation of every director’s
performance;
b) Formulation of criteria for determining qualifications, positive attributes and independence of the Director and
recommend to the Board a policy, relating to remuneration of the Directors, Key Managerial Personnel and
other employees;
c) Formulation of criteria for evaluation of Independent Directors and the Board of Directors;
d) To evaluate and recommend terms of appointment of the Independent Director, on the basis of the report of
performance evaluation of the Independent Director;
e) Devising a Policy on Board Diversity; and
f) Recommend to the Board, all remuneration, in whatever form, payable to senior management.
Composition and details of Meetings
Presently, the Nomination and Remuneration Committee consists of three Members viz. Smt. Indu Liberhan
(Chairperson), Shri Achintya Karati and Shri Arvind Mahajan. All the members of the Nomination and Remuneration
Committee are Non-Executive Directors and all are Independent. Smt. Indu Liberhan (Chairperson of Nomination
and Remuneration Committee) was present in the last Annual General Meeting held on 17th September, 2020. The
Company Secretary acts as the Secretary to the Committee.
During the year, the Nomination and Remuneration Committee had met on 11.02.2021. All the Members have
attended the meeting.
Performance Evaluation for Independent Director

The criteria for performance evaluation covers the areas relevant to the functioning as Independent Directors such
as preparation, participation, conduct and effectiveness. The performance evaluation of Independent Directors was
done by the entire Board of Directors and in the evaluation, the directors who are subject to evaluation had not
participated.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
5. REMUNERATION OF DIRECTORS
Details of Remuneration paid to Managing/Whole-time Directors for the year ended 31.03.2021 are given
below:
(Rs. In Lacs)
Name Sitting Salaries, Perquisites Commis- Total Date of Service
Fee Allowances sion Appointment/ Term
and Employer’s Re-
Contribution Appointment
to PF
Shri Ashok Chaturvedi -- 833.94 26.33 1135.00 1995.27 1st February, 5 Years
(Chairman & Managing 2019
Director)
Shri Amitava Ray (Whole- -- 117.12 13.46 -- 130.58 2nd February, 5 Years
time Director) (#) 2016
Shri Jagmohan Mongia -- 22.45 0.01 -- 22.46 11th February, 5 Years
(Whole-time Director) (^) 2021
Note:
(#) Shri Amitava Ray (DIN : 00184143) ceased be Whole-time Director of the Company w.e.f. closing business
hours of 1st February, 2021.
(^) Shri Jagmohan Mongia (DIN : 09051022) is appointed as Whole-time Director w.e.f. 11th February, 2021.
For any termination, the Company or the Executive Director is required to give notice as per the Policy formulated
by the Company to the other party in this regard.
The company does not have any stock option scheme.
None of the Directors of the Company other than the Chairman & Managing Director and Whole-time Director
has any pecuniary relationship with the Company except to the extent of receipt of sitting fees for meetings of the
Board/Committee(s) of Directors attended by them.
Sitting fees is paid to Non-executive directors for attending each meeting of the Board and Committees thereof.
The criteria for making payment to Non-Executive Directors is available at the Company’s website www.uflexltd.
com (weblink: https://www.uflexltd.com/pdf/Policies/Uflex-criteria-for-making-payment-to-non-executive-directors.
pdf).
Details of sitting fees paid to the Non-Executive Directors during the financial year are as follows:
(Amount in Rs.)
Sl. Name of Directors Board Committee Total
No. Meetings Meetings*
1. Shri Achintya Karati 2,00,000 8,00,000 10,00,000
2. Shri Alok Sabharwal 50,000 -- 50,000
Nominee- IFCI Limited (@)
3. Shri Anish Babu Venugopal 50,000 -- 50,000
Nominee – IFCI Limited ($)
4. Shri Tara Sankar Bhattacharya 2,00,000 2,50,000 4,50,000
5. Smt. Indu Liberhan 2,00,000 5,00,000 7,00,000
6. Shri Arvind Mahajan 2,00,000 1,00,000 3,00,000
7. Shri Pradeep Narendra Poddar 2,00,000 2,50,000 4,50,000
Note:
* Includes the sitting fees paid to attend the separate meeting of Independent Directors.
(@) Shri Alok Sabharwal (DIN : 02144568) appointed as Nominee Director of the Company by IFCI w.e.f.
2nd December, 2020.
($) The Nomination of Shri Anish Babu Venugopal (DIN : 02830575) as Nominee-Director of the Company was
withdrawn by IFCI w.e.f. 2nd December, 2020.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
6. STAKEHOLDERS’ RELATIONSHIP COMMITTEE

Presently, the Stakeholders’ Relationship Committee consists of three Members viz. Shri Achintya Karati
(Chairman), Shri Jagmohan Mongia and Smt. Indu Liberhan. Shri Jagmohan Mongia is appointed as the Member
of the Stakeholders’ Relationship Committee w.e.f. 11th February, 2021 in place of Shri Amitava Ray.
The Committee, inter-alia, approves issue of duplicate certificates, oversees and reviews all matters connected
with the securities transfer(s) / transmission(s). The Committee also looks into redressal of shareholders’/investors’
complaints. The Committee oversees the performance of the Registrar and Share Transfer Agent and recommends
measures for overall improvement in the quality of investor services.
In order to expedite the process of share transfers / transmission, the Committee has nominated a Sub-Committee
of two officers, who normally attend to the transfer and other related matters within a period of 10 days. The
Committee of Officers operates subject to overall supervision and directions of Stakeholders’ Relationship
Committee.
During the year, the Stakeholders’ Relationship Committee had met on 10.09.2020, 25.11.2020, and 23.02.2021.
All the Members had attended the meetings. Shri Achintya Karati (Chairman of Stakeholders’ Relationship
Committee) was present in the last Annual General Meeting held on 17th September, 2020.
The total numbers of complaints received and resolved during the year under review were Nil Outstanding
complaints as on 31.03.2021 were Nil. There were no valid share transfers pending for registration for more than
10 days as on the said date.
Shri Ajay Krishna, Sr. Vice President (Legal) & Company Secretary acts as Compliance Officer and Secretary to
the Committee.
Prohibition of Insider Trading
With a view to regulate Trading in Securities by the Directors and Designated Employees, the Company has
adopted a “Code of Conduct for Prohibition of Insider Trading”.
7. CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

Presently, the CSR Committee has three Members consisting of Smt. Indu Liberhan (Chairperson), Shri Achintya
Karati and Shri Jagmohan Mongia. Shri Jagmohan Mongia is appointed as the Member of the Corporate Social
Responsibility (CSR) Committee w.e.f. 11th February, 2021 in place of Shri Amitava Ray.
The Committee’s prime responsibility is to assist the Board in discharging its social responsibilities by way of
formulating and monitoring implementation of the framework of ‘Corporate Social Responsibility Policy’. The
Committee’s constitution and terms of reference meet with the requirements of the Companies Act, 2013.
The Terms of reference of the Committee includes formulation and recommendation to the Board, a Corporate
Social Responsibility (CSR) Policy indicating activities to be undertaken by the Company in compliance with
provisions of the Companies Act, 2013 and rules made thereunder; recommending the amount of expenditure to
be incurred on the CSR activities and monitoring the implementation of the CSR Policy of the Company from time
to time as specified in Schedule VII of the Companies Act, 2013. CSR Policy is available on the website of the
Company www.uflexltd.com (Weblink: https://www.uflexltd.com/pdf/Policies/Uflex-CSR-Policy.pdf).
One meeting of the Corporate Social Responsibility Committee was held on 28.01.2021 during the year and all the
members had attended this Meeting. The Company was required to spend Rs. 212.75 Lacs during the year, and
spent Rs. 217.99 Lacs on the CSR activities.
8. SUBSIDIARY COMPANIES
All subsidiary companies of the Company are managed by their respective Board of Directors having the rights and
obligations to manage companies in the best interest of their stakeholders. The Company monitors performance
of subsidiary companies, inter-alia, by the following means:
a) Financial statements, in particular the investments made in the unlisted subsidiary companies, are reviewed
quarterly by the Audit Committee of the Company.
b) All minutes of Board Meetings of the unlisted subsidiary companies are placed before the Company’s Board
regularly.
c) A statement containing all significant transactions and arrangements entered into by the unlisted subsidiary
companies is placed before the Company’s Board.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Further, Policy for determining material subsidiaries has been posted on the website of the Company www.
uflexltd.com (weblink: https://www.uflexltd.com/pdf/Policies/Uflex-policy-for-determining-material-subsidiaries.
pdf).
9. GENERAL BODY MEETINGS

(a) The details of last three Annual General Meetings held and information regarding Special Resolution passed
are as under:
AGM Day, Date & Time Venue Special Resolution Passed

29th Thursday, August 2, Air Force Auditorium, 1. Re-appointment of Shri Arvind Mahajan (DIN:
2018, Subroto Park 02410540) as an Independent Director
At 10:00 A.M. New Delhi – 110010 2. Re-appointment of Shri Achintya Karati (DIN:
00024412) as an Independent Director
3. Amendment in Articles of Association of the
Company
4. Increase in total shareholding limit of Foreign
Portfolio Investors (FPI) and/or Foreign
Institutional Investors (FII).
30th Thursday, August 1, Air Force Auditorium, 1. Re-appointment of Shri Ashok Chaturvedi (DIN:
2019, Subroto Park 00023452), Chairman & Managing Director of the
At 10:00 A.M. New Delhi – 110010 Company as Chairman & Managing Director of
the Company
2. Re-appointment of Shri Tara Sankar Bhattacharya
(DIN: 00157305) as an Independent Director
3. Re-appointment of Smt. Indu Liberhan (DIN:
03341420) as an Independent Director
4. Re-appointment of Shri Pradeep Narendra
Poddar (DIN: 00025199), as an Independent
Director.
31st Thursday, Through Video None
September 17, Conferencing (VC) /
2020 Other Audio-Visual
At 11:00 A.M. Means (OAVM)
(b) (i) Whether Special Resolutions were put through Postal Ballot?
During the period under review, there was no postal ballot conducted by the Company.
(ii) Whether any Special Resolution is proposed to be passed through Postal Ballot?
Special Resolution(s) as may be considered necessary/required would be passed through Postal Ballot.
(iii) Procedure for Postal Ballot
For conducting a Postal Ballot, notice specifying the resolutions proposed to be passed through Postal
Ballot as also the relevant explanatory statement & the postal ballot forms are dispatched to all the
shareholders alongwith self-addressed postage prepaid/business reply envelope. The shareholders are
requested to send back the postal ballot forms duly filled up & signed in the postage prepaid/ business
reply envelopes provided to them by the Company, so as to reach the scrutinizer (in whose name the
envelopes are made) on or before the 30th day from the date of issue of notice by the Company.
The company has entered into e-voting registration agreement with CDSL / NSDL to provide e-voting
facilities to its shareholders.
The scrutinizer compiles the postal ballot result out of the postal ballot forms found valid and hands over
the results to the Chairman or in his absence to any Director authorized by the Board. The Chairman or
any other Director thereupon declares the results of the postal ballot.
10. MEANS OF COMMUNICATION

The quarterly un-audited financial results and annual audited financial results duly approved by the Board of
Directors are sent to all the Stock Exchanges where the Company’s shares are listed immediately after the Board
Meeting. The same are widely published in leading Newspapers such as “Financial Express” (in English) and
“Jansatta” (in Hindi).

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Detailed presentations were made to institutional investors and financial analysts on the Company’s unaudited
quarterly as well as audited annual financial results. These presentations were also uploaded on the Company’s
website (weblink: https://www.uflexltd.com/earnings-conference-call.php) and duly intimated to the Stock
Exchanges where equity shares of the Company are listed. The Company regularly interacts with the shareholders
through multiple channels of communication such as publication of Results including outcome of the Board Meeting,
Annual Report, Press Releases and Analyst Call etc. The Company also informs the Stock Exchanges in a prompt
manner, all price sensitive information and all such other matters which in its opinion, are material and relevant for
the shareholders.
The Company’s corporate website, www.uflexltd.com provides comprehensive information on UFLEX’s portfolio
of businesses, CSR and Sustainability initiatives, Environment, Health & Safety (EHS) Policy, Shareholding
Pattern, Key Company Policies, and Contact details of the Company’s employees responsible for assisting
investors & handling investor grievances. The website has entire sections dedicated to UFLEX’s profile, history
and evolution, its core values, corporate governance and leadership. An exclusive section “Investors” serves to
inform and service Shareholders, enabling them to access information at their convenience. The entire Report
and Accounts as well as the quarterly, half-yearly and annual financial results are available in downloadable
formats under the section ‘Investor” on the Company’s corporate website as a measure of added convenience to
the investors.
- NSE Electronic Application Processing System (NEAPS):
The NEAPS is a web-based application designed by NSE for corporates. All periodical compliance filings like
shareholding pattern, corporate governance report, media releases, among others are filed electronically on
NEAPS.
- BSE Corporate Compliance & Listing Centre (the ‘Listing Centre’):
BSE’s Listing Centre is a web-based application designed for corporates. All periodical compliance filings like
shareholding pattern, corporate governance report, media releases, among others are filed electronically on
the Listing Centre.
11. CEO/CFO CERTIFICATIONS
The Chairman & Managing Director and the Chief Financial Officer of the Company have given annual certification
on financial reporting and internal controls to the Board in terms of the Listing Regulations at its meeting held on
29th June, 2021.
12. GENERAL SHAREHOLDERS INFORMATION
(a) Annual General Meeting to be held on:
Date : 27th September, 2021
Day` : Monday
Time : 3:00 PM
Venue : Annual General Meeting through Video Conferencing/ Other Audio Visual Means
(VC/OAVM facility)
[Deemed Venue for Meeting: Registered Office: 305, 3rd Floor, Bhanot Corner, Pamposh
Enclave, Greater Kailash – I, New Delhi – 110 048]
(b) Tentative Financial Calendar
- Results for quarter ending 30.06.2021 : By mid of August, 2021
- Results for quarter ending 30.09.2021 : By mid of November, 2021
- Results for quarter ending 31.12.2021 : By mid of February, 2022
- Results for year ending 31.03.2022 : By 30th May, 2022
Financial Year of the Company is for a period of 12 months commencing from 1st April and ending on 31st
March.
(c) Book Closure date
11th September, 2021 to 27th September, 2021 (both days inclusive)
(d) Dividend payment date
Dividend for the financial year 2020-2021, if declared will be paid/credited to the account of the shareholders
on or after 27th September, 2021
(e) Name and Address of Stock Exchange(s) at which the Equity Shares are listed
The equity shares are listed on the following Stock Exchanges:
1. BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001

UFLEX LIMITED
CIN: L74899DL1988PLC032166
2. National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No. C-1, Block G, Bandra Kurla
Complex, Bandra (E), Mumbai – 400 051
Note: Annual Listing fees for the year 2021-2022 have been duly paid to the above Stock Exchanges.
(f) Stock Code - (Equity shares)
Trading symbol – National Stock Exchange of India Ltd.: ‘UFLEX’
Trading symbol – BSE Limited: 500148
(g) Demat ISIN Number in NSDL & CDSL : INE516A01017
(h) Stock Market Price High-Low Data of the Company for the year 2020-2021:
The Monthly High and Low Price of Shares Traded at “The National Stock Exchange Limited” and “The BSE
Limited” for the Financial Year 2020-21 are as under:
(Amount in Rs.)
Month NSE BSE
HIGH LOW HIGH LOW
Apr-20 205.00 133.85 197.50 133.70
May-20 203.85 165.00 202.65 165.45
Jun-20 219.60 178.30 219.05 178.55
Jul-20 283.00 210.00 283.00 210.15
Aug-20 374.00 265.55 376.80 267.35
Sep-20 352.00 298.05 354.00 298.20
Oct-20 353.00 301.05 352.75 301.00
Nov-20 368.45 304.40 367.90 305.00
Dec-20 403.00 347.00 403.15 345.35
Jan-21 389.90 347.05 389.80 346.10
Feb-21 382.40 337.55 385.00 337.75
Mar-21 448.00 360.00 448.00 361.00
(i) Performance in comparison to broad based indices such as NIFTY
Performance in comparison to NIFTY
(UFLEX Limited Share Price Vs. NIFTY on the last trading day of the Month).
500 16000
14000
400
12000
U 10000 N
300
F I
L 8000 F
E T
X 200 6000 Y
4000
100
2000
0 0
April May June July Aug Sep Oct Nov Dec Jan Feb Mar
2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021
UFLEX NIFTY
(j) Address for correspondence for Shares transfer and related matters
For shares held in physical form:
The Company’s Registrar & Share Transfer Agent (RTA), address at:
Beetal Financial & Computer Services Pvt. Ltd.
(Unit : UFLEX Limited)
BEETAL House, 3rd Floor, 99 Madangir, Behind Local Shopping Centre,
Near Dada Harsukh Dass Mandir, New Delhi – 110062
Tel. No. 011-29961281-83, Fax No. 011 – 29961284
E-mail: beetal@beetalfinancial.com
For shares held in Demat form: To the Depository Participants (DP)

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(k) Share Transfer System

The Company is complying the terms of the Listing Regulations, effective from 1st April, 2019, securities
of listed companies can only be transferred in dematerialised form except where the claim is lodged for
transmission or transposition of shares or where the transfer deed(s) was lodged prior 1st April, 2019 and
returned due to deficiency in the document. Shareholders are advised to dematerialise their shares held by
them in physical form. Requests for dematerialisation of shares are processed and confirmation thereof is
given to the respective depositories i.e. National Securities Depository Limited (NSDL) and Central Depository
Services India Limited (CDSL) within the statutory time limit from the date of receipt of share certificates
provided the documents are complete in all respects.
(l) Distribution of Shareholding as on 31.03.2021
Category (Share) Number of Shareholders Total Number of Shares % to Total Shares
Up to 500 39168 3370671 4.67
501 – 1000 1401 1105759 1.53
1001 – 2000 639 955289 1.32
2001 – 3000 238 597548 0.83
3001 – 4000 93 332308 0.46
4001 – 5000 89 420336 0.58
5001 – 10000 132 949215 1.32
10001 – 20000 67 969526 1.34
Above 20000 97 63510834 87.95
TOTAL 41924 72211486 100.00
(m ) Categories of Shareholders as on 31.03.2021

Category Category of Shareholder Number of Total Number of As a percentage of
Shareholders Shares (A+B+C)
(A) Shareholding of Promoter
and Promoter Group
(1) Indian 11 31784239 44.02
(2) Foreign -- -- --
Total Shareholding of Promoter and 11 31784239 44.02
Promoter Group
(B) Public Shareholding
(1) Institutions 82 4886637 6.76
(2) Non-Institutions 41831 35540610 49.22
Total Public Shareholding 41913 40427247 55.98
(C ) Non Promoter-Non Public
(C1) Shares underlying DRs -- -- --
(C2) Shares held by Employee -- -- --
Trusts
Total (A+B+C) 41924 72211486 100.00
(n) Dematerialization of Shares and liquidity

Nearly 99.43% of total equity share capital is held in dematerialized form upto 31.03.2021 with NSDL and CDSL.
The shares of the Company are listed on BSE and NSE, which provide sufficient liquidity to the investors.
(o) Outstanding ADRs / GDRs / Warrants or any convertible instruments, conversion date and likely impact
on equity
No ADRs / GDRs / Warrants or any Convertible Instruments have been issued by the Company during the year
under review and there is no outstanding ADRs / GDRs / Warrants or any convertible instruments as on 31st
March, 2021.
(p) Commodity Price Risk or Foreign Exchange Risk and Hedging Activities
A section on the Risk Management is covered in detail under Management Discussion and Analysis Report
forming part of Annual Report. The details of Commodity Price Risk and Foreign Currency Risk are discussed

UFLEX LIMITED
CIN: L74899DL1988PLC032166
in the Notes on the Financial Statements. However, Company has not undertaken any hedging activity during
the year.
(q) Plant Locations
The Company has following Plant Locations in India:
1. A-1, Sector-60, NOIDA (U.P.)
2. A-2, A2A, Sector-60, NOIDA (U.P.)
3. C-3-4, 5-8, 17-18, Sector 57, NOIDA (UP)
4. C-175, Sector – 10, NOIDA (U.P.)
5. D-1-2, 15-16, Sector - 59, NOIDA
6. Unit-I, Lane No. 3, Phase-I, SIDCO Industrial Complex, Bari Brahmana, Jammu
7. Unit-II, Lane No. 2, Phase-I, SIDCO Industrial Complex, Bari Brahmana, Jammu
8. Unit-III, Lane No. 3, Phase-I, SIDCO Industrial Complex, Bari Brahmana, Jammu
9. SM8 + SM10, Sanand, Gujarat
(r) Address for Correspondence
The shareholders may address their communication/grievances/queries/ suggestions to:
Beetal Financial & Computer Services Private Limited UFLEX Limited
(Unit: UFLEX Limited) 305, 3rd Floor, Bhanot Corner
BEETAL House, 3rd Floor, 99 Madangir Pamposh Enclave, Greater Kailash-I
Behind Local Shopping Centre New Delhi - 110048
Near Dada Harsukh Dass Mandir New Delhi – 110062 Tel. No. : 011-26440917, 26440925
Tel. No. : 011- 29961281-83 Fax No. : 011-26216922
Fax No. : 011- 29961284 E-mail : secretarial@uflexltd.com
E-mail: beetal@beetalfinancial.com
(s) Credit Ratings
The Company has obtained the following Credit Ratings during the year ended 31st March, 2021:
Rating Agency Rating Outlook

CRISIL Limited CRISIL A Stable
Brickwork Ratings India Private Limited BWR A+ Stable
India Ratings and Research (lnd-Ra) IND A Positive
13. DISCLOSURES
a) Related Party Transactions
During the year, Company has no materially significant related party transaction with any of related party,
which is considered to have potential conflict with the interests of the Company at large. Suitable disclosure
as required by the Indian Accounting Standards-24 (Ind AS-24) has been made in the notes on the Financial
Statements.
All related party transactions are in ordinary course of business and negotiated on an arms- length basis, and
are intended to further the Company’s interests.
The Board has approved a policy for related party transactions which has been uploaded on the Company’s
website (Weblink: https://www.uflexltd.com/pdf/policies/uflex-related-party-transactions-policy.pdf).
b) Whistle Blower Policy / Vigil Mechanism
Fraud-free and corruption-free work culture has been the core of the Company’ functioning. In view of the
potential risk of fraud and corruption due to rapid growth and geographical spread of operations, the company
has put even greater emphasis to address this risk. It is affirmed that no personnel has been denied access to
the Audit Committee.
To meet this objective, a Whistle Blower Policy has been laid down. The same policy as approved by the Board
has uploaded on the Company’s website www.uflexltd.com (weblink https://www.uflexltd.com/pdf/Policies/
UFLEX-Whistle-Blower-Policy.pdf)
c) Weblink where policy for determining “Material” subsidiaries
https://uflexltd.com/pdf/Policies/Uflex-policy-for-determining-material-subsidiaries.pdf

UFLEX LIMITED
CIN: L74899DL1988PLC032166
d) Accounting Treatment
The financial statements of the company have been prepared in accordance with the Indian Accounting
Standards (Ind AS), notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended
from time to time, by the Ministry of Corporate Affairs (MCA), the provision of the Companies Act, 2013,
Guidance / Advisory issued by the Institute of Chartered Accountants of India (ICAI) and the guidelines issued
by the Securities and Exchange Board of India (SEBI).
e) Risk Management
The Company has laid down procedures to inform the members of the Board about the risk assessment and
minimization procedures. The Company has framed the risk assessment and minimization procedure, which
is periodically reviewed by the Board.
f) Proceeds from public issue, rights issue, preferential issue or FCCB issue
During the year, the Company has not raised any funds from public issue, rights issue, preferential issue or
FCCB issue.
g) Management Discussion and Analysis
Management Discussion and Analysis Report forms part of the Annual Report.
h) Details of Non-compliance, Penalties, strictures imposed on the Company by Stock Exchanges or
SEBI or any Statutory Authority
The Company has complied all the requirement of Regulatory Authorities. No penalties or strictures have been
imposed on the Company by Stock Exchanges or SEBI or any other statutory Authority on any matter related
to Capital Markets during the last three years.
i) Code of conduct
The Company has in place a comprehensive Code of Conduct (the Code) applicable to all the directors
and senior management. The Code gives guidance and support needed for ethical conduct of business and
compliance of law. A copy of the Code has been put on the Company’s website www.uflexltd.com (Weblink:
https://www.uflexltd.com/pdf/policies/uflex-code-of-conduct.pdf). The Code has been circulated to all the
members of the Board and Senior Management and its compliance is affirmed by them.
A declaration signed by the Company’s Chairman and Managing Director is published in this Report.
j) Review of Directors’ Responsibility Statement
The Board in its Report to the Members of the Company have confirmed that the Annual Accounts for the
year ended March 31, 2021 have been prepared as per applicable Indian Accounting Standards (Ind AS) and
policies and that sufficient care has been taken for maintaining adequate accounting records.
k) The Company has complied with the conditions of Corporate Governance requirements as stipulated in the
Listing Regulations, as applicable.
m) Company has obtained a Certificate from M/s Mahesh Gupta & Company, Company Secretaries that none of
directors on the board of the company have been debarred or disqualified from being appointed or continuing
as directors of companies by Board/Ministry of Corporate Affairs or any such statutory authority. The requisite
certificate is attached to the Report on Corporate Governance as ANNEXURE – ‘C-1’.
n) The Board of Directors of the Company has accepted the all recommendations made by all the Committees.
o) Total fees for all services paid by the company and its subsidiaries, on a consolidated basis, to Statutory
Auditor, M/s KAAP & Associates, Chartered Accountants, for the year ended 31st March, 2021 are as under:
Particulars (Rs. in Lacs)

Audit Fees 136.45
Taxation Matters 40.25
Other Services 30.51
Out of Pocket Expenses 2.68
Total 209.89
p) Disclosures in relation to Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 has been made elsewhere in the Director’s Report.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
q) Details of utilization of funds raised through preferential allotment or qualified institutional placement
(QIP) as specified under Regulation 32(7A)
This Clause is not applicable to the Company as the Company not raised any fund through preferential
allotment and / or QIP
14. OTHER REQUIREMENT AS PER THE LISTING REGULATIONS

(i) The Board
The Chairman of the Company is the Executive Chairman.
All the Directors including Independent Directors are appointed/re-appointed by the Board from time to time.
(ii) Shareholders’ Rights
The quarterly, half-yearly and annual financial results of the Company are published in the newspapers and
are also posted on the Company’s website www.uflexltd.com (weblinks: http://www.uflexltd.com/financials.
php). The complete Annual Report is sent to each and every shareholder of the Company in applicable mode.
(iii) Audit Qualifications
There are no Audit Qualifications in the Company’s financial statements for the year under reference.
(iv) Business Responsibility Report (“BRR”)
The Business Responsibility Report of the Company includes its responses to questions on the practices
and performance on key principles defined by Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015, covering topics across environment, governance, and stakeholder
relationships forms an integral part of the Annual Report.
(v) Reporting of Internal Auditors
The Internal Auditors directly report to the Audit Committee.
15. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT

The status of equity shares lying in the unclaimed suspense account is as follows:
Sl. Particulars Number of Total Number

No. Shareholders of equity
shares held
1. Aggregate number of shareholders and the outstanding shares in 39 2022
the unclaimed suspense account lying at the beginning of the year
2 Number of shareholders who approached the Company for transfer -- --
of shares from unclaimed suspense account during the year
3 Number of shareholders to whom shares were transferred from -- --
unclaimed suspense account during the year
4 Transferred to Investor Education and Protection Fund (IEPF) in 20 1293
accordance with Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016
5 Aggregate number of shareholders and the outstanding shares in 19 729
the unclaimed suspense account lying at the end of the year
It may please be noted that, the voting rights on the unclaimed shares shall remain frozen till the rightful owner of
the shares claims the shares.
16. COMPLIANCE CERTIFICATE

Compliance Certificate for Corporate Governance from Statutory Auditors of the Company is annexed herewith.
The above report has been placed before the Board at its meeting held on 29th June, 2021 and the same was
approved.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
INDEPENDENT AUDITOR’S CERTIFICATE ON COMPLIANCE WITH THE CONDITIONS OF

THE CORPORATE GOVERNANCE
TO THE MEMBERS OF UFLEX LIMITED
1. This Certificate is issued in accordance with terms of our engagement, with Uflex Limited (“the Company”).
2. We, KAAP & Associates, Chartered Accountants, the Statutory Auditors of the Company, have examined the compliance of
conditions of Corporate Governance by the Company, for the year ended on March, 31, 2021, as stipulated in Regulations 17
to 27 and clauses (b) to (i) of Regulation 46(2) and Para C and D of Schedule V of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (“the Listing Regulations”).
Management’s Responsibility
3. The preparation of the Corporate Governance Report & compliance with the conditions contained therein is the responsibility
of the Management, along-with Directors of the Company. This responsibility includes the preparation and maintenance of all
relevant supporting records & documents and also design, implementation and maintenance of internal controls and procedures
to ensure the preparation, presentation & compliance with the conditions of the Corporate Governance stipulated in the Listing
Regulations.
Auditor’s Responsibility
4. Our responsibility is to provide a reasonable assurance in the form of an opinion whether the Company has complied with the
condition of Corporate Governance, as stipulated in the Listing Regulations.
5. We have carried out an examination of the relevant records of the Company, in accordance with the “Guidance Note on
Certification of Corporate Governance”, issued by the Institute of the Chartered Accountants of India (“the ICAI”), the Standards
on Auditing specified under Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certificate
and as per the “Guidance Note on Reports or Certificates for Special Purposes”, issued by the ICAI, which requires, inter-alia,
that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) I, “Quality Control for Firms
that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements”,
issued by the ICAI.
7. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance
of the ‘Report on Corporate Governance’, with the applicable criteria. The procedures includes but not limited to verification of
secretarial records, books of accounts and other financial information of the Company and obtained necessary representations
and declarations from the Directors, including Independent Directors of the Company, for the purposes of providing reasonable
assurance on the compliance with the conditions of Corporate Governance, as stipulated in the Listing Regulations.
8. The procedures also include examining evidence supporting the particulars in the ‘Report on Corporate Governance’, on a test
basis. Further, our scope of work under this Report did not involve us, performing audit tests for the purposes of expressing an
opinion on the fairness or accuracy of any of the financial information or the financial statements of the Company, taken as a
whole.
Opinion
9. Based on the procedures performed by us as referred in paragraph 7 and 8 above and according to the information and
explanations provided to us and the representations provided by the Management & the Directors of the Company and considering
the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India, warranted due to the
spread of the COVID-19 pandemic, we are of the opinion that the Company has complied with the conditions of Corporate
Governance, as stipulated in the Listing Regulations, as applicable for the year ended March, 31, 2021.
10. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the Management & the Directors of the Company have conducted the affairs of the Company.
Restriction on use
11. This Report is issued solely for the purpose of complying with the Listing Regulations and may not be suitable for any other
purpose.
For KAAP & Associates
Chartered Accountants
Firm’s Registration No.: 019416N
CA. Deepak Sehgal

Partner
Place : NOIDA Membership No.: 085391
Date : 29th June, 2021 UDIN: 21085391AAAAAF7193
DECLARATION
To the Members of
UFLEX LIMITED
I, Ashok Chaturvedi, Chairman & Managing Director of the Company, hereby certify that the Board Members and Senior Management
Personnel have affirmed compliance with the Rules of Code of Conduct for the financial year ended 31st March, 2021 pursuant to the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
For UFLEX LIMITED
Ashok Chaturvedi
Place : NOIDA Chairman & Managing Director
Dated : 29th June, 2021 DIN 00023452

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE – ‘C-1’
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015)
To
The Members
UFLEX LIMITED
(CIN: L74899DL1988PLC032166)
New Delhi-110048
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
UFLEX Limited having CIN L74899DL1988PLC032166 and having registered office at 305, 3rd Floor, Bhanot Corner,
Pamposh Enclave, Greater Kailash-I, New Delhi-110048 (hereinafter referred to as ‘the Company’), produced before
us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule
V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015;
In our opinion and to the best of our information and according to the verifications (including Directors Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the
Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for
the Financial Year ending on 31st March, 2021 have been debarred or disqualified from being appointed or continuing
as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such
other Statutory Authority.
Sr. Name of Director DIN Date of

No. Appointment in
Company
1 Shri Ashok Chaturvedi 00023452 21-06-1988
2 Shri Achintya Karati 00024412 14-09-2000
3 Shri Jagmohan Mongia 09051022 11-02-2021
4 Shri Pradeep Narendra Poddar 00025199 30-05-2017
5 Shri Tara Sankar Bhattacharya 00157305 14-02-2015
6 Smt. Indu Liberhan 03341420 28-05-2015
7 Shri Arvind Mahajan 02410540 03-08-2016
8 Shri Alok Sabharwal, Nominee Director of IFCI 02144568 02-12-2020
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.

Company Secretaries
Mahesh Kumar Gupta

Proprietor
FCS No.: 2870

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE – ‘D’
MANAGEMENT DISCUSSION AND ANALYSIS
FORWARD-LOOKING STATEMENT
Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot
guarantee that these assumptions and expectations are accurate or will be realized. The Company’s actual results,
performance or achievements could thus differ materially from those projected in any such forward-looking statements.
The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the
basis of any subsequent developments, information or events.
MACROECONOMIC OVERVIEW
Crisis of the century - COVID-19 pandemic badly hit the world economy in 2020 and infected approximately 176 million,
and killed close to 3.8 million people worldwide as per a latest report of BBC(Source: https://www.bbc.com/news/
world-51235105). The pandemic led to a sharp decline in global trade and tighter liquidity conditions. GDP of many
countries shrunk as people curtailed discretionary spending and focused on essentials and precautionary savings
due to uncertainty. COVID – 19 pandemic inflicted humans and economy badly worldwide and necessary protection
measures were necessitated. Governments around the world responded rapidly and rolled out the health and economic
contagion of the crisis. The disruption caused by the pandemic has affected the human life and economic activity the
world over during the financial year 2020-2021 and has resulted in recession. However, following the devastating
health and economic crisis caused by the pandemic, the global economy appears to be emerging from one
of its deepest recessions and beginning a subdued recovery in the last quarter of the Financial Year 2020-21.
However, the world has entered into a new era of rapid global change driven by major shifts in demographics, wealth,
technology, and climate. But economic growth has been uneven and the global outlook remains highly uncertain, with
major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Controlling
the pandemic at the global level will require more equitable vaccine distribution, especially for low-income countries.
Global challenges — including fiscal strains on governments exacerbated by the COVID-19 pandemic, environmental
degradation, resource depletion, and record levels of displacement — are threatening recent gains. These challenges
are compounded by intensifying systemic risks, including trade tensions, rising debt levels, reduced effectiveness of
monetary policy as a crisis instrument, and increasing inequality — among and within countries (Source : https://
unctad.org/).
1. GLOBAL ECONOMY
The COVID-19 pandemic pushed economies across the globe into a Lockdown, which helped contain the virus
and save lives, but also triggered the worst recession since the Great Depression. Effective policies and measures
are essential to forestall the possibility of worse outcomes, and the necessary measures to reduce contagion
and protect lives are an important investment in long-term human and economic health. Because the economic
fallout is acute in specific sectors, policymakers will need to implement substantial targeted fiscal, monetary, and
financial market measures to support affected households and businesses domestically. Internationally, strong
multilateral cooperation is essential to overcome the effects of the pandemic. Many governments stepped up their
emergency lifelines to protect people, preserve jobs, and prevent bankruptcies. During the end of the 2nd quarter
of the year 2020 several countries had started to recover but in absence of a medical solution recovery was highly
uncertain and the impact on sectors and countries was uneven. In spite of unforeseen impacts of the pandemic,
the global economy seems to coming out from the depths, to which it had receded to during the Great Lockdown in
April, 2020. After an unprecedented contraction in the first half of 2020, economic growth rebounded in Quarter 3.
However, growth in Q4 moderated with GDP slowing to 4% and ultimately for the full year of 2020 GDP contracted
by 3.5%. (Source: https://www.imf.org/en/Publications/WEO)
Global growth is projected at 6% in 2021, moderating to 4.4% in 2022. According to World Economic Outlook
(WEO), the projections for 2021 and 2022 are stronger than in the October 2020. The upward revision reflects
additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of
2021 and continued adaptation of economic activity to subdued mobility. High uncertainty surrounds this outlook,
related to the path of the pandemic, the effectiveness of policy support to provide a bridge to vaccine-powered
normalization, and the evolution of financial conditions. (Source: https://www.imf.org/en/Publications/WEO)

UFLEX LIMITED
CIN: L74899DL1988PLC032166
As per the World Economic Situation and Prospects report by the U.N. Department of Economic and Social Affairs,
developed economies shrank by 5.6 percent in 2020 are projected to recover 4 percent, while developing countries
contracted 2.5 percent and are estimated to grow 5.7 percent in 2021. The U.S. and China are shaping up to be
the main drivers of global growth in 2021. Household consumption and business investment have surged in both
economies. Industrial production has rebounded in most countries, contributing to firming commodity prices and
robust international trade. However, the U.S., China, and India are likely to be the only major economies (along
with Indonesia and South Korea) that exceed pre-COVID-19 GDP levels by the end of 2021. In most other regions,
the effects of the 2020 recession on both GDP and employment are likely to be longer-lasting (Source : https://
unctad.org/).
The global economy will accelerate in 2021, though with significant variation around the world. The world will
benefit from vaccinations, both directly in fewer illnesses and indirectly as lockdowns and fears subside. It will
take most of 2021 and into 2022 for the full benefits of vaccination to be felt, and maybe even longer in developing
countries. (Source : https://www.forbes.com)
Although global economic output was recovering from the collapse triggered by COVID-19, it will remain below
pre-pandemic trends for a prolonged period. The pandemic has exacerbated the risks associated with a decade
long wave of global debt accumulation. It is also likely to steepen the long-expected slowdown in potential growth
over the next decade. In his Foreword, World Bank Group President, David Malpass notes that “Making the right
investments now is vital both to support the recovery when it is urgently needed and foster resilience. Response
to the pandemic crisis today will shape our common future for years to come. We should seize the opportunity to
lay the foundations for a durable, equitable, and sustainable global economy. To accelerate sustainable economic
growth and inclusion, developing countries must tackle a variety of related underlying challenges.
2. INDIAN ECONOMY
India too witnessed unprecedented disruption to live and livelihood with COVID-19 hitting it badly. The lockdown
measures, imposed to contain the spread of Covid-19 pandemic in India, to some extent, yet ubiquitously affected
employment, business, trade, manufacturing, and services activities. The impact of the pandemic and lockdown
was disproportionately felt across industries. While industries such as hospitality and manufacturing were impacted
immediately, the impact on the financial sector was felt with a lag, as is evident from the quarterly GDP numbers.
However, anxiety about health and sporadic regional lockdowns continued to weigh on the services sector, whose
recovery has been relatively gradual. After experiencing one of the world’s tightest lockdowns and recording the
deepest GDP contraction among G20 economies in the second quarter of 2020, the Indian economy started
recovering. While agriculture has benefited from favourable weather conditions, manufacturing and services
suffered. To mitigate damage caused by COVID-19, the government has responded with their stimulus packages.
The growth in India's real GDP during 2020-21 is estimated at -7.30 per cent as compared to the growth rate
of 4.0 per cent in 2019-20., as per the economic growth estimates released by the National Statistical Office
(NSO)(Source: http://www.mospi.nic.in/). The government had projected a GDP contraction of 7.7 per cent in its
first advance estimate. GDP growth, however, is expected to rebound strongly in 2021-22 owing to the reform
measures undertaken by the Government. The stimulus measures and reforms initiated by the Government and
liquidity measures by the RBI are expected to support industrial activity and demand. The launch of Covid-19
vaccination programme in the country will further add momentum to the economic recovery. In line with the
projections for strengthening of India’s growth by multi-lateral institutions, the nominal growth of the economy is
expected to be 14.4 percent in the financial year 2021-22 (Source: https://www.indiabudget.gov.in/. According
to India’s Economic Survey 2020-2021, India remained a preferred investment destination in financial year 2020-
21. However, the RBI has projected GDP growth at 10.5 per cent for the financial year 2021-22 (Source: https://m.
rbi.org.in) while IMF and World Bank puts it at 12.5 percent & 10.1 percent respectively.
3. INDUSTRY STRUCTURE & DEVELOPMENTS
Flexible packages are used for consumer and in industrial applications, to protect, market, and distribute a vast
array of products. Flexible products include rollstock, bags, pouches, labels, wraps, lidding, shrink sleeves and
stretch film. From convenience and durability; ease in opening and resealing; overall cost saving; and high
portability, flexible packaging has cemented itself in the packaging world, and has undoubtedly became a key

UFLEX LIMITED
CIN: L74899DL1988PLC032166
contributor to packaging industry growth. This popularity is largely based on frequent technology advancements in
this field; good barrier properties of flexible films; light weight and portability which acquire much less space and
make it cost effective.
Though, increased consumption of processed foods & beverages, innovation in flexible packaging are driving
factors to boost in flexible packaging material consumption, yet fluctuating raw material prices and stringent
regulation on packaging material waste hinder its growth to some extent.
Technological advancements in packaging plays a vital role in driving the growth of flexible packaging market.
Advanced technology in packaging has allowed companies for innovation in products instead of sticking to traditional
methods of packaging. Due to this, many companies are investing in R&D and are coming up with advanced
flexible packaging products with barrier resistance properties that offer resistance against heat and moisture and
eliminates oxidation of foods. Such properties prove effective in maintaining the quality and consistency of food
products while extending their shelf life without the use preservatives. Recent advancements in materials and
production processes have reduced the weight of some flexible packages by up to 50%, consequently lowering
product shipping costs while maintaining or improving product protection. Flexible packaging offers various
environmental advantages viz. low raw material consumption, low carbon footprint, and relatively low waste
produced as compared to conventional packaging formats.
The Global Flexible Packaging Market was valued at around USD 230.00 billion in 2020, and it is projected to
be worth around USD 290.00 billion by 2026, registering a CAGR of around 4% during the forecast period (2021
- 2026) (Source: https://www.mordorintelligence.com/). Technological innovation, sustainability trepidations,
and attractive economics are among the reasons for the remarkable growth of flexible packaging in the last two
decades, globally.
Owing to the rising focus on sustainability, traditional rigid packaging solutions are being substituted by innovative
and more sustainable flexible packaging. The growing market demand for customer-friendly packages and
high level of product protection is expected to boost flexible packaging as a viable and cost-effective substitute.
E-commerce, digital printing, and sustainability are driving market development and growth. Customers are
increasingly becoming willing to pay extra for certain products attributes boosted by flexible packaging. According
to the Flexible Packaging Association, Flexible packaging is mainly used for food, cosmetics and pharma products.
Beauty products manufacturers are also investing in eco-friendly packaging approaches to make more sustainable
usage of plastics in the personal care industry.
The global flexible packaging market is estimated by size at 31.5 million tonnes in 2021, with the market having
increased from 26.9 million tonnes in 2016 – an annual average growth rate of 3.3%. The global market is expected
to grow by an annual average growth rate of 3.4% to 37.5 million tonnes in 2026 (Source: https://www.smithers.
com) and by revenue it is expected to grow at a CAGR of around 4% during the period 2021-2026. The market is
likely to experience growth due to the increased adoption of blister plastic films, aluminum foils, and pouches in the
pharmaceutical industry. The wide adoption of blister material, replacing the glass and rigid plastics, has resulted in
the high application of lidding films. Paper and plastic films are widely used in blister packs, followed by aluminum
foil because of their cost-efficiency. The US pharmaceutical packaging market is the major revenue contributor.
(Source: https://www.globenewswire.com/)
The growth in the flexible packaging industry in India is mainly driven by the food and the pharmaceutical packaging
sectors. The large and growing Indian middle class, along with the growth in organised retailing in the country are
fueling growth in the flexible packaging industry. Another factor, which has provided substantial stimulus to the
packaging industry is the rapid growth of exports, which requires superior packaging standards for the international
market. The Indian packaging industry is dominated by plastic flexible packaging. The traditional rigid packaging
users have also been shifting to flexible packaging in recent times. According to industry sources, the main reason
for this is that flexible packages are found aesthetically attractive, cost-effective and sturdy. Consumer preference
for the use of convenient packaging and packaged products in affordable quantities in laminates is also one of the
main reasons that have contributed to the growth of flexible packaging in India. The food-processing sector is the
largest user of flexible packaging.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
4. BUSINESS REVIEW
(i) Films Business
Main products are BOPP Films, CPP Films, Polyester (BOPET) Films, Metalized, AlOx coated, Specialty films
and AsclepiusTM PCR (Post-consumer Recycled PET Resin) films.
The Company’s OPP (Orientated Polypropylene) films comprising of BOPP (Bi-axially Oriented Polypropylene)
and CPP (Cast Polypropylene) films are highly cost effective, functionally efficient, moisture resistant, high
tensile strength and therefore have rapidly penetrated into high barrier sensitive packaging segment across
the world. These films are primarily used for applications like packaging & conversion; industrial coatings;
printing & lamination; encapsulation; overwraps (for CDs, cigarettes, cartons), confectionery packaging;
anti-fog (for food products), textile bags; biscuit and sandwich overwrap amongst several others products.
BOPP Film has high gloss and excellent clarity and therefore has good aesthetic appeal whereas controlled
slop properties make it suitable to perform well on various Form Fill Seal (FFS). The company alongwith
its overseas subsidiary manufactures BOPP films at its India and Egypt plant. In the fiscal 2020-21, the
company’s subsidiary Flex Films Egypt, undertook a brownfield expansion in Egypt with the commissioning
of another 10.4 mt wide BOPP line. The company’s foray into Hungary with a new BOPP Line through its
subsidiary Company will give it the advantage of offering a portfolio mix of BOPP and BOPET films in the
European Union region.
CPP film manufactured at Noida & Egypt is extremely dynamic and versatile with high gloss, better transparency,
good heat seal-ability and twisting property, superior tear and puncture resistance. These factors pave way for
its application in food wraps, packing bakery products, anti-wraps, anti-fog packaging, garment bags, retort
packaging, deep freeze applications, etc. To meet the growing demand, the company has announced a CPP
line each in South of India (Dharwad, Karnataka) and at existing facility of its Subsidiary in UAE.
BOPET (Bi-axially Oriented Polyethylene Terephthalate) Film is a polyester film using high quality resins and
exhibits superior mechanical properties, improved resistance to chemicals, good barrier to oxygen, excellent
receptivity to surface treatment & coatings and high resistance to abrasion. These films also have excellent
dielectric properties, good flatness and coefficient of friction (COF), tear resistance and puncture resistance,
excellent dimensional stability over a wide range of temperature, good resistance to common solvents,
moistures, oil and grease and poses excellent barrier against a wide range of atmospheric gases among
other benefits. BOPET is produced at the world-class film manufacturing plants at India, UAE, Egypt, Poland,
Mexico, Russia and United States of America. The Company’s subsidiary re-commissioned one of its BOPET
lines from UAE to its new Russian plant, situated in Stupino district in Moscow region for catering to Russia
& CIS markets. The Company has also added capacities of BOPET lines through its subsidiary in Poland,
Nigeria and Hungary.
In India, the current cumulative capacity of Packaging films line with BOPET, BOPP, CPP is 92,000 TPA. It is
after a gap of 16 years that the company is adding capacity domestically for packaging films by setting up a
greenfield plant in Dharwad also have a BOPET and CPP line with cumulative production capacity of 63,000
TPA, enabling it to serve a large base of its clients located in South India. Consequent to the commissioning
of all the Plant expansions, the total packaging film capacity (BOPET, BOPP & CPP) in India shall be 1,55,000
TPA and Overseas 4,36,000 TPA aggregating to a total capacity of 5,91,000 TPA.
Metallized films, manufactured at all film plants of the company and its subsidiaries, i.e. India, UAE, Poland,
Egypt, Mexico, USA & Russia, are considered as ultimate solution for packaging a wide array of products
requiring extended shelf life in various industries. AlOx coated transparent ultra-high barrier films manufactured
by the company finds extensive use in stand-up pouches that offer ‘see through’ features to consumers at the
point-of-sale (POS).
(ii) Flexible Packaging Business
The main products of this business are laminates made of various combinations of Polyester, BOPP, Poly,
Metalized & Holographic films and others in roll form or various preformed pouches & bags of several sizes
and profiles and laminated flexi-tubes. Also aligned with the core business of Flexible Packaging are allied

UFLEX LIMITED
CIN: L74899DL1988PLC032166
activities involving manufacturing of packaging and converting machines; rotogravure cylinders, flexo-printing
press; flexo-polymer plates, elastomers & sleeves; inks & adhesives; and holographic materials and solutions.
The company has the technical ability, and innovative skills to engineer flexible packaging solutions with
optimized barrier properties, superior aesthetics, enhanced functionalities; high eco-friendliness and infallible
brand protection features. UFLEX is one of the global leaders producing bespoke world class flexible packaging
solutions. The guiding factors of the company’s business strategy are:
 Innovation to create value added differentiation;
 Proximity to customers;
 Speed to market reach for reaping the first mover advantage;
 Ability to offer end-to-end solutions across the entire flexible packaging spectrum;
 Ability to execute any quantum of order and ensuring just-in-time deliveries anywhere across the globe.
The company currently offers end to end flexible packaging solutions for the entire spectrum of product types
which includes solids, semi-solids, powders, granular materials, viscous fluids, pastes, gels and Aseptic Liquid
Packaging Material.
The past year was full of challenges, the pandemic brought in extraordinary circumstances although with its
hands-on approach, the company stood strong to march ahead and take on markets’ demand with zeal and
vigor. Its plants operated at almost full capacity at all its locations worldwide. To meet the burgeoning demand
for packaging materials from its patrons experienced due to a paradigm shift in consumer behavior, not only
did the company continue non-stop production but also commissioned new projects in line with its plans to
expand its business and manufacturing capabilities further, without de-prioritizing safety protocols and health
of its personnel.
The fiscal witnessed Flexible Packaging Industry rise as the sunshine industry and coming to the rescue
of essential industries of FMCG and Pharmaceuticals and other allied sectors, when the supply chain was
severely impacted due to lockdown and logistical challenges. Because of the hazards attached to non-packaged
products, the demand for pouching saw a surge led by personal hygiene, wellness, snacks, staples etc in the
first half of the fiscal. Rising above all challenges, not only did the business ensure continuity of packaging
products, it also launched several new formats of flexible packaging in laminates; resulting in sudden spike
in company’s packaging volumes. In the second half of the fiscal when demand for packaging became stable
and conversations around sustainable packaging re-ignited, the business unveiled a host of new sustainable
solutions such as - Sustainable laminate structure with reduced plastic use, Packaging laminates using up to
20% Post-Consumer Recycled (PCR) PET Resin, High Barrier mono-polymer recyclable laminates both PE
as well as PP categories and more. The business also customized water-resistance courier bags made of
high-fibre brown kraft paper with special water-repellent coatings especially for e-commerce Industry, that are
high seal and safe from counterfeiting.
The Cylinder Business has been developing more and more eco-friendly solutions, added clients such as
Reliance Retail and Nestle in the fiscal.
The Engineering Business has been manufacturing high-end machines in the segments of converting
and packaging, like CI Flexo Printing, Rotogravure Printing, Form-Fill-Seal, Pick-Fill-Seal, Wrapping, Pouch-
making, Slitters to complete the gamut of packaging (liquid, aseptic, solid, granular) and also recycling of
flexible packaging waste. These machines are delivered in domestic as well as export markets. During the first
half of fiscal, when spout packaging saw a sudden boom in demand during lockdown period, the Engineering
Business made several modifications and innovations to the existing machine designs making it possible for
UFLEX to supply both components as well as spout pouch variations, lending it an edge over competition. It
also installed new machines to make all types of aluminum rollers for printing, laminating and slitting machines.
Chemicals Business of UFLEX manufactures liquid inks (solvent & water-based); laminating adhesives
(water-based, solvent and solvent-less); ink binders, Polyols and specialty coatings (UV/UV-LED/EB) for
flexible packaging, monocartons & graphic arts, labels and paper board segments of the Packaging Industry.
In the fiscal that was marked by pandemic led disruptions and challenges, the business successfully advanced

UFLEX LIMITED
CIN: L74899DL1988PLC032166
its research on green chemistry and introduced interesting set of solutions for the packaging industry. The
business entered newer geographies like Philippines, UAE, Russia and Nepal. Demand for its products were
led by FMCG, Healthcare and E-commerce and Shoe/Foam segments. A landmark achievement for the
business came in the form of its first ever patent it secured for a new process to derive Epoxy Ester Resin,
another step in the direction of sustainability. UFLEX patented process for resin preparation ensures that
no waste water treatment is required and also makes curing faster, unlike the conventional thermally cured
Epoxy Ester resin. Furthermore, business also created several cost effective and innovative offerings that help
customers reduce waste and energy costs. Few of these successful products introduced during the fiscal
were- High-quality UV LED curable Flexo inks for narrow web printing industry; Toluene and ketone-free single
component coating lending an excellent paper/sand feel effect on PET, BOPP and PVC substrates; Water-
based oxygen barrier coating for food packaging application; and Water-based adhesives for high-speed
paper bag making machines.
The Holography Business of UFLEX has always been ahead of the curve when it comes to offering cutting-
edge anti-counterfeiting solutions with unique security features. Its five wins at SIES SOP Star Awards 2020
acknowledges the matchless brand protection technology and solutions it offers. It was once again chosen
and certified by Indian Banks’ Association (IBA) for printing of security products in the banking sector for
another two years i.e, till March 2022.
(iii) Aseptic Liquid Packaging Business
Signifying a highly successful year, the Aseptic Liquid Packaging from UFLEX took a quantum leap to double
its production capacity at Sanand facility from 3.5 bn packs to 7 bn packs to cater to the growing global orders
and to diversify its regional presence in India.
AseptoTM, as is the Aseptic Liquid Packaging of UFLEX named, bagged orders from marquee global brands in
the fiscal helping it strengthen its market share further in the segment and have a healthy order book.
Some of the updates of product innovations and launches of the Company are listed below:
I. Innovative Solutions to Fight Pandemic: As a response to COVID-19 and illustrating the power of its
innovation capabilities, The Company developed a host of innovative solutions.
a. Six-layered N95 mask to prevent COVID spread
b. FLEXITUBES in 30-200 ml size range to pack sanitizers
c. Flex Protect Coverall jointly developed with IIT Delhi & approved by DRDO
d. Easy tear structure for single-dose sanitizers
e. Alcohol-based dual purpose sanitizer
II. Packing a Punch with Packaging for Big Brands: The Flexible Packaging Business created interesting
packaging formats for big brands and its product variants to suit brand requirements .
III. Bespoke Packaging Solutions to Boost Sustainability & Customer Experience: The Company is revered
in the industry for its customizable solutions for which its R&D collaborates with brands to identify their pain
points and constantly creates new solutions. With its extensive market research, the company’s Flexible
Packaging business helped many brands give a new lease of life to their product packaging.
a. Matt finish 3D pouches with value added features
b. Revamped structure for fast-food packaging
c. Spout packaging format for decoction coffee
d. New sustainable laminate structure with reduced plastic use
e. Water-resistance Courier Bags for Ecommerce Industry
f. Easy-to-peel strength pouches
g. Replaced PET in EVoH based BOPP film structure to make it a recyclable mono-polymer laminate
h. Special PET and PET based retort pouches replaced previously used oriented nylon for packaging of
pre-cooked rice. The replacement in structure has led to cost saving.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
IV. Pioneering Solutions by Cylinders Business: The business bolstered its offerings to tap newer customers.
a. Rotogravure printing cylinder for watermark on steel sheets
b. Metal embossed sheets for home interior & out-of-home (OOH) platforms
V. Customized Solutions by Holography Business to Boost Aesthetics & Arrest Counterfeit: The quest to
constantly reinvent themselves to changing business landscape made the Holography business introduce a
range of new solutions and products to serve across sectors.
a. Registered lens label for edible oil packs
b. Holographic film for ghee packaging
c. Holographic aluminium lidding foil for pharma industry
d. Holographic thermal film for books & publication
e. Token for paint industry
f. Patch embroidery with hot melt film for textile industry
g. CPP glitter film for décor
h. Digital foil for ink & varnish
i. Silver scratch film for packaging & labels industry
VI. Green Chemistry Advocating Sustainability: From winning a patent to introducing green inks and adhesives,
the Chemicals business took the lead in demonstrating use of sustainable practices and materials to make
their products.
a. A new patent for process in the direction of sustainability
b. High quality UV LED Flexo ink series for narrow web printing
c. Water-based oxygen barrier coating for food packaging application
d. Solvent-based PU adhesive for velcro application
e. FLEXMATT paper effect OP ink
f. CI FLEXMATT, a two-component OPV
g. Single solvent-free adhesives with multiple hardeners (OH)
h. FLEXCOAT PC OPV 1009, a water-based playing card OPV
i. Toluene-free Inks for food packaging
j. A semi-film forming PU for surface & reverse inks
k. Side & bottom sealing adhesive for paper bags
VII. Simplifying Experience of Packing, Slitting, Filling & Sealing with Engineering Advancements: The
business engineered value-added machines that resulted in reduced downtime, enhanced efficiency and
economies of scale.
a. Higher Speed Collar-type form fill seal machine for snacks packaging
b. A new variant of secondary slitter developed
c. Rotary machine foray into spice packaging
d. A machine that seals the bag and its counterfeiting challenges
e. Three new applications established in multi-track machines for sachet market
f. Solvent-less laminator with registered lamination
g. Non-stop turret based slitting machine for BOPP pancake
VIII. Strong on Barrier, Low on Carbon Footprint Films: The Films business enriched the core of packaging
with strong barrier properties and nourished the environment with green films.
a. Metal textured film for shelf-appeal
b. Ultra-low OTR PET film for food packaging
c. BOPET film for printing & lamination application

UFLEX LIMITED
CIN: L74899DL1988PLC032166
d. Sealable & peel-able BOPET film with water-based coating for lidding
e. High oxygen barrier BOPET film for dry & chilled food packaging
f. Ultra-high barrier transparent Alox BOPP film B-ULX for dry food packaging
g. Sustainable transparent high heat resistance BOPP film with exceptional oxygen blocking
h. Outstanding barrier metallized BOPP film B-UHB-M suited for aluminum foil replacement
i. Direct emboss-able polyester film F-EMB to boost aesthetics
j. Transparent ultra-barrier BOPP film
k. Metallised PET film for aluminum foil replacement
5. MAKING A DIFFERENCE WITH ESG STRATAGEM

UFLEX is committed to converting good environmental, social and governance approach into practical and tangible
actions. The company has been making considerable headway in its environmental blueprint. As part of its focus
on reducing plastic pollution thus diminishing harmful impact on environment and doing well for the society,
UFLEX has been aggressively building recycling infrastructures to give a new life to plastic, beyond its original
use. Extending its efforts to keep plastic in the economy and out of the environment under its global sustainability
campaign Project Plastic Fix, UFLEX in this fiscal proposed to set up a recycling plant each in Poland and Mexico.
At its Mexico facility, the company is setting up a rPET or PCR (Post Consumer Recyclate) line to upcycle post-
consumer PET bottles waste into high recycled content polyester PCR films AsclepiusTM for flexible packaging
applications and also proposes to set up another PCPR (Post Consumer Plastic Recyclate) line to recycle post-
consumer multi-layer mixed plastic waste to make molded, injection molded and extrusion molded components,
both of which shall contribute to a circular plastic economy. In Poland, a plant to recycle post-consumer multi-
layered mixed plastic waste has been proposed that will convert the waste into molded, injection molded and
extrusion molded components.
Encouraged by the success in mitigating the piling plastic dumps in Delhi–NCR and giving them a second life with
the installation of PCPR and PCR lines in Noida in 2020, UFLEX embarked on the plan to replicate these models
at other locations, at an even larger scale. At Noida, the PCPR line for washing and recycling of multi-layered
mix plastic waste has a capacity of 10,200 TPA whereas the PCR line can upcycle upto 9,600 TPA of PET bottles
waste.
UFLEX, a key member of Multi-layer Plastic Films Sanitation Trust (MLPFST), is supporting Municipality of
Bengaluru to install, operate and sustain Municipal Solid Waste (MSW) Sorting and Segregation Plant. The plant
will separate and sort recoverable component such as plastic, glass, bottle, paper, carton from collected households
waste using advanced technology including Artificial Intelligence (AI). The recovered plastic portion will be further
recycled. The recyclate produced will be used to produce thousands of components both for the domestic as well
industrial use.
UFLEX continued to accentuate its efforts towards incorporating ESG practices on all fronts. This was reflected
in the progresses it made in this fiscal in expanding it green products and solutions range, to help customers
accomplish their sustainability goals faster.
 In India, it started offering packaging laminates using up to 20% Post-Consumer Recycled (PCR) PET Resin.
UFlex is the only qualified company under Maharashtra’s PCB notification on use of minimum 20% PCR in
flexible packaging in non-food items.
 The company developed high barrier mono-polymer recyclable laminates in flexible packaging to enable easy
and cost-effective recycling for brands.
 It developed a range of low on carbon footprint packaging films without sacrificing quality of film like F-MSH,
F-TPS, B-THP & more. It also added chlorine-free films and films that replace aluminium foil with recyclable
substrates, thus enhancing the sustainability percentage.
 For the e-commerce sector that saw a huge uptake in demand due to consumers’ preference to buy goods
from the confines of their home since the pandemic started, UFLEX developed highly durable and security-
proofed water-resistance courier bags made of high-fibre brown kraft paper with water-repellent coatings.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
 Chemicals form an indispensable part of any packaging. As a vertically integrated company with equal focus
on sustainable offering across the line of businesses, UFLEX continues to develop a variety of green inks
and water based inks that are permitted by the regulatory authorities and are safe to be used in packaging of
consumables. Water based inks FLEXAQUA and UV LED sheet fed Ink series FLEXGREEN are some award
winning green solutions it has been offering. In the fiscal, it developed ‘Water based adhesive for paper
bag making machines’; ‘Two component solvent-free adhesives range with one resin compatible with three
different hardeners for general to medium to high performance applications’, ‘Water-based overprint varnish
for printing over paperboard’, to name a few.
 Backed by strong R&D with an objective to create pioneering solutions, UFLEX made significant strides in
developing tubes and laminate structures that use reduced plastic at source. In the case of eco-friendly paper
based tube KRAFTIKA, it has been able to reduce the plastic component in the tubes' body by almost 60% of
weight. Further developments are being done to reduce the plastic component in caps and shoulders.
 Their effort on enzyme based biodegradable packaging films has also made substantial progress and the new
development is undergoing trials currently.
6. HALL OF FAME
The Company alongwith its Subsidiaries and Leadership have been honoured with several awards and
recognition during the Year 2020-21, some of which are mentioned below:
• UFLEX was the only packaging company featured in top 250 of ‘Fortune India 500 Largest
Corporation 2020’ list.
• FlexFilms USA won Packaging Gateway Excellence Awards 2020 in ‘Best COVID-19 Response’
category for successful continuity of business during the pandemic.
• Recyclable PE/ PE Laminate by UFLEX for Primark Wet Wipes was conferred with AIMCAL 2020
Awards highest honour of ‘Sustainability of the Year’ and for ‘Technical Excellence’.
 UFLEX CMD Ashok Chaturvedi was honoured with ‘Inspirational Leaders of India 2020’ title by global
consulting firm White Page International.
 UFLEX won Packaging Gateway Excellence Awards 2020 in the category ‘Environmental Impact’ for driving
the circular economy with its path-breaking technology to recycle MLP packaging homogeneously.
 AIMCAL 2020 Awards for ‘Product Excellence’ was presented to FLEXITUBES for Clariss Organic Face
Wash.
 AIMCAL 2020 Awards for ‘Technical Excellence’ to UFLEX 4D Bags with handle for Royal Gold & Rice King.
 Three inventions from FlexFilms USA were adjudged winners at WorldStar Packaging Awards 2021 hosted
World Packaging Organisation (WPO) :-
– Ultra-soft super durable BOPET film F-STF in the category Luxury Products,
– Asclepius™ PCR based BOPET film in Food Packaging,
– Metallized high barrier BOPET film F-HBP-M in Food Packaging.
 UFLEX products won the highest number of awards at the SIES SOP Star Awards 2020 across multiple
categories :-
 In Flexibles
– High hermetic seal ultra-low SIT white CPP film 'C-CWU' for mono-material sustainable packaging
solutions
 In Product Packaging
– Holographic PVC pharma blister pack for Sumo by Alkem Laboratories

UFLEX LIMITED
CIN: L74899DL1988PLC032166
– High barrier recycling laminate for Polly Peanotter

– ASEPTO tamper-proof packaging for Wave Distillers
– Transparent UV HRI holographic film for carton packaging
 In Packaging for Non-Packaging Applications
– Dhoop Chhao textile printing foil
– Cylinders for flower design by hand-embossing effect
 In Ancillary Packaging Materials
– Flexseal blister coating for blister packaging
– Solvent-free polyurethane adhesive with 3OH component for packaging
– Water-based ink FLEXAQUAPAP for food wrap
 In Labels
– Registered lens technology with holographic labels for edible oil brand Sona Sikka
 In Academics / Students / Education
– Printing security documents for education sector
 Asepto from the house of UFLEX was awarded with ‘The Most Admired Brand of 2020’ title by White Page
International. Its President & CEO Ashwani Sharma was honoured as one of the ‘Inspirational Leaders of India
2020’ by them.
• UFLEX was recognized by NOIDA Authority for its innovative and sustainable business practice to make
NOIDA a clean, swachh & sustainable city.
 The Films Business in India was declared Platinum winner at 8th Exceed Occupational Health, Safety
Award 2020 for ‘Outstanding Achievement in Industrial Safety’ category hosted by Sustainable Development
Foundation in support with Ministry of Labour & Employment, Government of India.
7. FINANCIAL & OPERATIONAL PERFORMANCE- OVERVIEW
(Rs. in Crores)
2020-21 2019-20
Consolidated Standalone Consolidated Standalone
Total Income 8914.87 4655.41 7431.62 4152.36
Profit before Finance, Cost, Depreciation & 1826.99 766.03 1108.84 616.42
Tax
Profit before Tax 1142.19 354.10 480.86 182.17
Profit for the Year 842.90 230.44 369.82 143.27
8. OPPORTUNITIES, KEY TRENDS & THREATS

Opportunities
As an industry, Flexible packaging is robust and growing rapidly, with innovation, sustainability, and market
differentiation driving growth. It is a trend that continues to gain great popularity. Technological advancement in
flexible packaging materials make them suitable to far more consumer products today.
Changing the lifestyle of consumers along with rising demand for products that offer ease of convenience are the
key attributes prompting the demand for portable packaging solutions. The packaging sector in India is expected to
increase from 307.8 billion units in 2019 to 422.3 billion units in 2024, at a compound annual growth rate (CAGR) of
6.5% during 2019-2024 as per GlobalData’s report, “India Packaging Industry Trends and Opportunities” (Source:
www.globaldata.com).The growth in the flexible packaging industry in India is mainly driven by the food and the
pharmaceutical packaging sectors. The growing Indian middle class, along with the growth in organised retailing

UFLEX LIMITED
CIN: L74899DL1988PLC032166
in the country, alongwith the rapid growth of exports requiring superior packaging standards for the international
market is giving stimulus to flexible packaging. Also flexible packages are aesthetically attractive, cost-effective
and sturdy.
Introduction of new regulatory initiatives and growing concerns regarding the use of bio-degradable plastics for
flexible packaging and its impact on the environment have also driven manufacturers to develop sustainable
packaging options that are safe and secure. In order to reduce the cost pressure and maintain the integrity of
product packages, manufacturers are considering sustainable packaging solutions that require fewer materials and
energy to manufacture a package, reduce transportation expenses, and offer extended shelf-life to the product.
The following key dynamics are also setting the growth of Flexible Packaging Industry:
 Owing to the rising focus on sustainability, traditional rigid packaging solutions are being substituted by
innovative and more sustainable flexible packaging. The growing market demand for customer-friendly
packages and product protection is expected to boost flexible packaging as a viable and cost-effective
substitute.
 E-commerce, digital printing, and sustainability are driving market development and growth. Customers are
increasingly becoming willing to pay extra for certain product attributes boosted by flexible packaging. For
instance, according to the Flexible Packaging Association, a huge percentage of consumers in North America
are keen to pay more for tangible and functional packaging benefits, such as product protection, shipping
friendly, and supply chain efficacy, among others.
 According to Flexible Packaging Association, demand for flexible packaging products is continuously
increasing in pharma & cosmetic products.
 Beauty products manufacturers, like L'Oréal and Unilever, are also investing in eco-friendly packaging
approaches to make more sustainable usage of plastics in the personal care industry.
Flexible Packaging: Market Dynamics

Driver: Cost-effectiveness and Increased product shelf-life
Due to busy lifestyles, the demand for convenient products has increased, thus leading to a rise in demand for
flexible packs. Flexible plastic packaging requires fewer resources and energy for packaging; hence, flexible packs
are available at low costs and occupy 35% less retail shelf space, rendering them cost-effective as compared to
other forms of packaging. Additionally, there has been a gradual shift in consumer choice from traditional methods
of preparing food at home to buying packaged products (Source: http://packagingnewsletter.com/)
Significant increase in the packed food products during COVID-19 pandemic
During COVID-19 pandemic, people are resorting to panic-buying and bulk stocking daily staples, FMCG, and
fresh food through e-commerce & online channels due to fear of lockdown, which leads to an increase in the
demand for flexible plastic packaging solutions.
Pouches widely preferred for flexible plastic packaging
The pouches segment is projected to be the largest market for flexible plastic packaging. Primarily because of the
increase in the demand for these type across various applications in food, beverage, pharmaceutical, and personal
care & cosmetic industries. The increase in the demand for pouches can be attributed to the rise in the demand for
lightweight and convenient packaging solutions.
APAC region to lead the global flexible plastic packaging market by 2025
The APAC region accounted for the largest market share in 2019. Factors such as improving global economy,
expanding working population, rising domestic demand for ready-to-eat & convenience food products are expected
to boost the market for flexible plastic packaging. The market for flexible plastic packaging in APAC is growing in the
food, beverage, pharmaceutical, and personal care & cosmetics industries due to the functional properties offered
by flexible plastic packaging, such as safety, cost-effectiveness, durability, strength, lightweight, environmental-
friendliness, and handling convenience.
Threats
Poor Infrastructure facilities for recycling

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Recycling of plastic packaging waste is a process that requires time consuming state-of-the-art infrastructure
facilities. However, some parts of the world lack these facilities for recycling. Even in developed countries such as
the US, the problem of sub-standard infrastructure for recycling persists. Every year, in the US itself, recyclable
containers worth more than USD 11 billion are thrown away due to a lack of recycling facilities. According to the UN
Environment Programme, the world produces around 330 million tons of plastic waste each year. To date, only 9%
of the plastic waste ever generated has been recycled, and only 14% is collected for recycling now. The existing
machinery infrastructure is ill-equipped to handle plastic waste. (Source: https://www.marketsandmarkets.
com/)
Immense Competition from the domestic and international player

The Flexible Packaging Market is highly competitive owing to the presence of multiple vendors in the market.
The market appears to be moderately concentrated with the major players adopting strategies such as product
innovation, mergers, and acquisitions in order to stay competitive in the market.
Regulatory constraints
Due to stringent government regulations, changing consumer preferences, and environmental pressures,
manufacturers are steering their strategies toward circularity and leveraged new plastic technologies to develop
recyclable and sustainable solutions that include specific properties such as oxygen, moisture, light, puncture, and
chemical resistance, and easy-tear propagation. Key focus areas for manufacturers include the development of
alternative bioplastics solutions such as polybutylene succinate and biopolyproplyene, along with the price and
disposal of bioplastics.
Global Pandemic
With the recent outbreak of COVID 19, the flexible packaging manufacturers are facing supply chain disruption
along with decreasing manufacturing at the site in many parts of the world. To ensure the smooth flow of supply
chain, the global food safety initiative (GFSI) certification programs are providing six-month certificate extensions
by conducting a remote audit and risk assessment pertaining to COVID-19 such that the company can approve
a new supplier location without an on-site audit to meet the demand (Source: https://www.globenewswire.com/).
These are continually evolving and changing trends that can be very challenging for companies since they require
change and innovation,
9. FUTURE OUTLOOK
The global flexible packaging market is likely to experience growth due to the increased adoption of blister plastic
films, aluminum foils, and pouches in the pharmaceutical industry. The wide adoption of blister material, replacing
the glass and rigid plastics, has resulted in the high application of lidding films. Paper and plastic films are widely
used in blister packs, followed by aluminum foil because of their cost-efficiency. New and advanced blister machinery
can pack anywhere between 900 and 1,300 blister packs per minute. The US pharmaceutical packaging market is
the major revenue contributor with more than 40-45% approximately of the global pharmaceutical market in value
and will contribute to approx. 45% to the global market growth during the period 2021-2026 (Source: https://www.
globenewswire.com/).
The following factors are likely to contribute to the growth of the flexible packaging market:
 Increased Focus on Sustainable Flexible Packaging
 Profit Volatility in APAC Region
 Usage of High-barrier Plastic Packaging Materials
 Increasing Adoption of Flexible Packaging over Rigid Packaging
The global flexible plastic packaging market size is projected to grow from around USD 230 billion in 2020 to
USD 290.00 billion by 2026, at a CAGR of around 4% from 2020 to 2026. The flexible plastic packaging market
is expected to witness significant growth in the future due to its increased demand in end-use industries, such
as food, beverage, cosmetic & personal care, and pharmaceutical. Growth in modern retailing, high consumer
income, and acceleration in e-commerce activities, especially in the emerging economies, are likely to support the
growth of the flexible plastic packaging market during the forecast period.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Novel coronavirus (COVID-19) impact on global flexible plastic packaging market

The global flexible plastic packaging market witnessed a mixed impact in its growth rate in 2020-2021, as the
packaging industry witnessed a significant disruption in its production due to lockdowns of varying types aimed
at containing the spread of the virus globally. However, there is an increase in the demand for flexible plastic
packaging for food, beverage, and pharmaceutical applications for product packaging during COVID-19 as people
are resorting to panic-buying and bulk stocking daily staples, FMCG, and fresh food through e-commerce & online
channels due to fear of lockdown, which leads to an increase in the demand for flexible plastic packaging solutions.
Governments of many affected countries, for instance, India, have asked the food industry players to ramp up
production to avoid supply-side shocks and shortages and maintain uninterrupted supply. FMCG companies are
responding by demanding more of flexible plastic packaging products.
The demand for flexible plastic packaging in the pharmaceutical industry, is expected to remain robust as hospitals,
drugs, and PPE manufacturers are responding to the crisis. The demand for household essentials, healthcare, and
medical goods is not expected to decrease dramatically, and retail distribution for these types of products through
online delivery is expected to increase.
10. INTERNAL CONTROL SYSTEM, THEIR ADEQUACY AND OPERATIVE EFFECTIVENESS
The Company has an adequate system of internal controls in place. It has documented policies and procedures
covering all financial and operating functions. These controls have been designed to provide a reasonable
assurance with regard to maintaining of proper accounting controls for ensuring reliability of financial reporting,
monitoring of operations, protecting assets from unauthorized use or losses, compliances with regulations. The
Company has continued its efforts to align all its processes and controls with global best practices.
Some significant features of the internal control of systems are:

 The Audit Committee of the Board of Directors, comprising of independent directors and regularly reviews the
audit plans, significant audit findings, adequacy of internal controls, compliance with accounting standards as
well as reasons for changes in accounting policies and practices, if any;
 A well-established, independent, multi-disciplinary Internal Audit team operates in line with governance best
practices. It reviews and reports to management and the Audit Committee about compliance with internal
controls and the efficiency and effectiveness of operations as well as the key process risks.
The Company has also laid down an adequate system for legal compliances. It has created appropriate structures
with proper delegation of duties and responsibilities for employees at each level on enterprise basis which ensures
proper adherence and compliance of such systems.
Both the Internal Financial Control and Enterprise Legal Compliance Systems are subject to review by the
Management in respect of their adequacy and operational effectiveness. These systems in turn are also reviewed
by the Internal Auditors, Statutory Auditors and the Audit Committee.
11. RISK MANAGEMENT

In order to remain competitive and ensure sustainable success, UFLEX continuously monitors the macroeconomic
environment and developments in the flexible packaging industry as well as internal processes to identify risks.
Risk management is an essential part of the internal control system of the Company and an active means to
analyze and manage opportunities and threats related to the business strategy and operations. Risk may be
caused by the Internal and External factors and the occurrence of certain catastrophic acts. These may impair the
assets of the Company which may adversely influence the achievement of organization strategies, operational &
financial objectives, earning capacity & financial position.
The Company recognizes that enterprise risk management is an integral part of good management practice. The
effective risk management involves safeguarding the assets of the Company, achievement of organizational goals
and protecting the earning capacity and financial position of the Company
The Company has formalized & documented a detailed Manual on Internal Financial Control covering each activity
involving Financial and Operational transactions, the probable risk underlying those activities and the control tools
to prevent such risks either through manual or automated process.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Similarly, the Company has also formalized & documented a detailed Manual on Legal Compliance System listing
all applicable laws, defining of responsibility centers for necessary compliances thereof and the compliance tasks
to be performed under each applicable laws.
As Management is primarily responsible for the designing, implementation, maintenance, adequacy, monitoring &
control mechanism and the operating effectiveness of the Internal Financial Control & Legal Compliance Systems,
the Company has created appropriate structures with proper delegation of duties and responsibilities of employees
at each level on enterprise basis for the compliances thereof. They also review periodically the adequacy of
the enterprise level Internal Financial Control and Legal Compliance System in view of changes in business
environment, technological changes & regulatory & legal changes and also based on the suggestion by the Internal
Auditor, Statutory Auditors & Audit Committee.
Both the Internal Financial Control and Legal Compliance System are subject to review by the Internal Auditor on
quarterly basis. They review the adherence, adequacy and effectiveness of the Internal Financial Control operating
in the Company and Legal Compliances by the Company of the applicable laws. Based on their review they submit
detailed reports covering their suggestions, recommendations & observations to the management and the Audit
Committee.
The detailed Audit Reports of the Internal Auditors are reviewed by the Audit Committee comprehensively with
the Management and the Internal Auditors. Based on their review, they make necessary directions if any to the
Management and / or to the Internal Auditors for the actions / steps to be taken by them. The brief of the report is
also given to the Board by the Chairman of the Audit Committee.
All the Financial, Operational and Legal risks associated at transactions and operational levels are taken care
through the above systems. In addition to these, there are other risks which arise during the course of decision
making on strategic and corporate financial matters of the Company.
The Company has identified following nature of risks which may be associated with the decisions on Strategic &
Corporate Financial matters of the Company.
 Political, Social and Economic Risks
 Market Risk
 Technology Selection Risk
 Capital Structuring Risk
 Exchange & Interest Rate Risk
The management of the Company evaluates the above risks before taking any decision on strategic & corporate
financial matters. A detailed report is submitted by the management on these matters to the Audit Committee and
the Board for their review.
On the basis of the aforesaid Risk Management Process followed by the Company the Risk Management
Committee & Audit Committee review & evaluate in detail the establishment and adherence of the Company’s
Enterprise Risk Management System and also review & evaluate the adequacy and efficacy of the same.
The Board reviews the recommendation of the Audit Committee on the establishment, adherence, adequacy and
efficacy of the Company’s Enterprise Risk Management framework.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
12. COMPANY’S STANDALONE AND CONSOLIDATED FINANCIAL PERFORMANCE & ANALYSIS
Results of Operations
(Rs. in Crore)
Particulars STANDALONE CONSOLIDATED

Year ended Year ended Year ended Year ended
31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20
INCOME
Revenue from Operations 4635.06 4069.71 8890.76 7404.84
Other Income 20.34 82.65 22.80 28.47
Share in Profit of Associates for the Year -- -- 5.66 3.2

Share in (Loss) of Joint Venture for the Year -- -- (4.35) (4.89)
Total Income 4655.41 4152.36 8914.87 7431.62
EXPENDITURE
Cost of Materials consumed 2632.28 2482.62 4680.67 4294.65
Purchase of Stock-in-Trade 17.16 9.67 58.83 9.67
Changes in Inventories of finished goods, work- 58.56 (81.39) (32.50) (47.93)
in-progress and Stock-in-Trade
Employee benefits expense 459.17 461.93 798.98 725.59
Other expenses 747.92 674.55 1609.49 1356.09
Expenses Allocated to Self Constructed Assets (25.71) (11.44) (27.59) (15.29)
Total Operating Expenses 3889.38 3535.94 7087.87 6322.782
EBIDT 766.03 616.42 1826.99 1108.84
Segment-wise performance has been disclosed at Note No- 44 of the financial Statement
13. SIGNIFICANT CHANGES IN FINANCIAL RATIOS
During the year, the significant changes in the financial ratios of the Company, which are more than 25% as
compared to the previous year are summarized below:
Consolidated Basis
Financial Ratio FY FY Change Reason for change

2020-21 2019-20 (%)
Interest Service Coverage 7.98% 4.93% 62% Improvement in operating profit by 65% on
Ratio (Times) yoy basis led to an increase in ISCR
Operating Profit Margin 20.50% 14.90% 37% Improvement in Operating Profit by 65% on
yoy basis led to an increase in Operating
Profit Margin
Net Profit Margin 9.50% 5.00% 90% Improvement in Net Profit by 128% on yoy
basis led to an increase in Net Profit Margin
Return on Net Worth 16.50% 8.20% 100% Improvement in Net Profit by 127% on yoy
basis led to an increase in Return on Net
Worth

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Standalone Basis
Financial FY FY Change (%) Reason for change

Ratio 2020-21 2019-20
Interest 5.03% 3.57% 41% Improvement in operating profit by 24%
Service on yoy basis led to an increase in Interest
Coverage Service Coverage Ratio
Ratio (Times)
Net Profit 5.00% 3.50% 43% Improvement in Net Profit by 61% on
Margin yoy basis led to an increase in Net Profit
Margin
Return on 9.70% 6.50% 50% Improvement in Net Profit by 61% on
Networth yoy basis led to an increase in Return on
Networth
14. HUMAN RESOURCE DEVELOPMENT/INDUSTRIAL RELATIONS
The Company considers its Human Resources Development a critical factor to its success and continuously
focuses on its development with various people initiatives. The learning and development framework focuses to
enhance adherence to operating & business processes. The Company strives to encourage diversity in workforce
and believe in building the career of its employees through focused interventions. It encompasses all aspects of
people management, communication and is pivotal in building a positive culture. Learning opportunities contribute
to better employee engagement, increased productivity, reduced employee turnover and add to a more positive
culture. Operating processes for entire business operations are constantly reviewed for improvement keeping the
customer delivery in mind. These processes are being kept at the center for training the workforce as the Company
believes that multi-skilled workforce is the first and most critical element to the success.
The Company endeavors to ensure the well-being of all its employees. The safety, health and work life balance of
employees are extremely important. As it is evident that the pandemic has spread every corner across the globe
and affected the human life in every way, the Company has taken various measures to take care of the livelihoods
of its employees, their safety and security. The steps include providing masks, hand sanitizers, disinfectants,
conducting regular temperature checks and being very vigilant on workers and essential visitors at our operational
facilities. The Company has also emphasized on providing medical facilities to workers inside the factory premises,
and sanitization and disinfection across its work facilities.
The Human Resource Development continues to be focused on improving employee productivity, reducing employee
cost and building necessary skillsets whilst building employee motivation through varied employee engagement
initiatives. To augment technical strength in existing business areas, various technical trainings covering existing
business are being conducted on a regular interval. The Company had 6436 permanent employees in Indian
Operations as on 31st March, 2021. The Company maintains healthy, cordial and harmonious industrial relations at
all level and in the Financial Year 2020-21, industrial relations across the Company were cordial & harmonious.
15. ENVIRONMENT, OCCUPATIONAL HEALTH & SAFETY
The protection of environment and the health and safety of its customers, its people and the communities in which
we live and operate is an integral part of Company’s mission to become the best among the global players in the
flexible packaging industry. The Company is fully committed to providing a safe and healthy work environment in
all its manufacturing units across the globe. It is Company’s firm belief that safe and healthy workplace not only
boosts people’s morale but is also a precondition for greater productivity at workplace and keeping its business
operations environmentally sound. The Company will seek to continuously improve its practices in light of advances
in technology and new understandings in environmental science, health and safety. The collective endeavor of
the Company’s employees at all levels is directed towards sustaining and continuously improving standards of
environment management, and occupational health & safety in an endeavor to meet and exceed international
benchmarks. For fulfilling the obligation of providing a safe and healthy work environment, the Company continually
work towards identifying, assessing and managing environmental impacts and health & safety risks of all activities
& products.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE – ‘E’
PARTICULARS OF REMUNERATION
Pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014
The information required under Section 197 of the Act and the Rules made there-under, in respect of employees of the
Company, is follows:
a. The ratio of the remuneration of each director to Note:
(@) Shri Alok Sabharwal was appointed as Nominee Director of
the median remuneration of the employees of the
the Company by IFCI w.e.f. 2nd December, 2020.
company for the financial year; ($) The Nomination of Shri Anish Babu Venugopal as Nominee-
Non-Executive Director Ratio to Median Director of the Company was withdrawn by IFCI w.e.f. 2nd
Remuneration December, 2020.
(^) Shri Jagmohan Mongia was appointed as Whole-time
Shri Achintya Karati 2.67
Director of the Company w.e.f. 11th February, 2021.
Smt. Indu Liberhan 1.87 (#) Shri Amitava Ray was ceased to be Whole-time Director
Shri Tara Sankar Bhattacharya 1.20 of the Company w.e.f. closing business hours of 1st
Shri Arvind Mahajan 0.80 February, 2021..
Shri Pradeep Narendra Poddar 1.20 * Shri Alok Sabharal & Shri Jagmohan Mongia were
appointed as Director & Whole- Time-Director respectively
Shri Alok Sabharwal (@) 0.13
during the financial year 2020-21, therefore, it is not
Shri Anish Babu Venugopal ($) 0.13 possible to ascertain % increase in their remuneration.
Executive Director
Shri Ashok Chaturvedi 532.59 (c) The percentage increase in the -4.11%
median remuneration of employees
Shri Jagmohan Mongia (^) 34.86
in the financial year:
Shri Amitava Ray (#) 6.00
Note: (d) The number of permanent employees on the rolls of
(@) Shri Alok Sabharwal was appointed as Nominee Director of company
the Company by IFCI w.e.f. 2nd December, 2020. As on 31.03.2021 employees are 6436, However, the
($) The Nomination of Shri Anish Babu Venugopal as Nominee- data taken for calculation of median remuneration of the
Director of the Company was withdrawn by IFCI w.e.f. 2nd employee is 7304.
December, 2020. (e) Average percentile increase already made in the
(^) Shri Jagmohan Mongia was appointed as Whole-time salaries of employees other than the managerial
Director of the Company w.e.f. 11th February, 2021. personnel in the last financial year and its comparison
(#) Shri Amitava Ray was ceased to be Whole-time Director of with the percentile increase in the managerial
the Company w.e.f. closing business hours of 1st February, remuneration and justification thereof and point
2021 . out if there are any exceptional circumstances for
increase in the managerial remuneration;
(b) The percentage increase in remuneration of each director, Average increase in salary of employees in 2020-21
Chief Financial Officer, Chief Executive Officer, Company was approximately 8%. Percentage increase in the
Secretary or Manager, if any, in the financial year; managerial remuneration for the year was 57.38%
Name of Person % increase in (f) Affirmation that the remuneration is as per the
Remuneration remuneration policy of the company.
Non-Executive Director The company’s remuneration policy is driven by the
Shri Achintya Karati -- success and performance of the individual employees
and the Company. Through its compensation package,
Smt. Indu Liberhan --
the Company endeavors to attract, retain, develop
Shri Tara Sankar Bhattacharya 80.00 and motivate a high performance staff. The Company
Shri Arvind Mahajan -- follows a compensation mix of fixed pay, benefits and
Shri Pradeep Narendra Poddar 28.57 performance base variable pay. Individual performance
Shri Alok Sabharwal (@)* N.A. pay is determined by business performance and the
Shri Anish Babu Venugopal ($) -- performance of the individuals measured through
the annual appraisal process. The Company affirms
Executive Director
remuneration is as per the remuneration policy of the
Shri Ashok Chaturvedi (Managing 196.81 company.
Director)
Shri Jagmohan Mongia (Whole-Time -46.34 For & on behalf of the Board
Director) (^)*
Shri Amitava Ray (Whole-Time N.A.
Director) (#)
Key Managerial Personnel (KMP)
ASHOK CHATURVEDI
Shri Rajesh Bhatia (CFO) 2.11 Place : Noida Chairman & Managing Director
Shri Ajay Krishna (Company Secretary) -45.34 Dated : 29th June, 2021 DIN 00023452

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE ‘F’
INFORMATION REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNINGS AND OUTGO REQUIRED UNDER THE COMPANIES
ACCOUNTS RULE, 2014 AND FORMING PART OF DIRECTORS’ REPORT
A. CONSERVATION OF ENERGY saving by about 65 KW electric load and the

saving will be about INR 40 Lacs per annum.
Energy generation and consumption are considered
as the key indicators for growth and development of 2. Installation of HMI/PLC Based Control Panel
any nation. Better living standards, modernization, in 1 Number Thermic fluid Heaters
industrialization or development of a nation in all aspects One number Thermic fluid Heater control Panel,
is closely related with energy consumption. According based on Sequence Controller, replaced with
to the International Energy Agency projections, there will HMI / PLC control panel, resulting into easy
be an average increase of about 1.8 % in annual energy operation & quick trouble shooting of Heaters.
demand rate in the twenty first century. There has been This has resulted in avoiding unwanted
significant increase in generation of electricity through stoppages of Plant along with better heat control
development of hydro, thermal and renewable energy. of Thermic fluid Heaters.
Industries are the largest consumers of electricity but other
sectors like domestic & agriculture have also witnessed 3. Waste Heat Recovery Units:
exponential increase in electricity consumption. The Company has focused on maximizing
the operations and usage of Vapor Absorption
As the demand for power is increasing, so is the increase
Machines, in order to tap maximum waste heat
in installed capacity. However, there are apprehensions
energy from the Gas Engines. This has resulted
that gap between supply and demand will rise with
in effective use of VAM machines with annual
increased activities in energy consuming sectors. The
savings of INR 50 Lacs.
developing countries like India are obliged to maintain
a certain growth rate for which energy is the major 4. Effective Utilization of Gas Gen sets in order
ingredient. It has been estimated that nearly 25,000 MW to minimize operation of Oil based Gen sets:
power can be saved by implementing end-use energy The power generation on natural Gas fuel
efficiency measures throughout India. Efficient use of increased to 100 %, in order to minimize the
energy and its conservation assumes even greater power generation on liquid fuel based Gen sets.
importance in view of the fact that one unit of energy
saved at the consumption side reduces the need for fresh 5. Conversion of Two nos. Thermic fluid
capacity addition by about 1.4 times. In brief, Energy Heaters from liquid fuel to Gas fuel
conservation is nothing but a strategic use of energy, in The Company has converted 02 nos. HFO fired
order to reduce the energy consumption. Thermic fluid Heaters into natural Gas fired
Heaters, in order to reduce the carbon emissions
Uflex always focus on reducing energy consumption as
to the atmosphere. Further, the Company has
it opens up opportunities for innovation and improved
concentrated on running its all Thermic fluid
efficiency, while reducing risks arising from price volatility
Oil heaters on natural as which has resulted in
and helping us manage natural resources. The Company
increasing the uptime of the Plant and resulted
has taken several steps across production units and
into saving of about 1100 SCM /day equivalent
utilities to boost its energy efficiency in order to achieve
of Gas.
its commitment towards reducing absolute energy
consumption and moreover specific energy consumption 6. Energy saving through plugging of
of various products. The Company’s Energy management Compressed air leakage:
system is now certified with ISO 50001: 2018. By plugging air leaks resulted in 6 KW load
(a) Energy conservation measures taken reduction on air compressor which has cost
reduction of approx. Rs 4.5 lacs per annum.
Some of the efforts initiated by Uflex in 2020-21,
in respect of Energy conservation measures are 7. Installation of Side stream filters in Cooling
described below: water & Chilled water Systems :
To improve cooling water & chilled water quality
1. Energy Saving through conversion of Air
and reduce TSS, Multi Grade Filter System
Handling Unit (AHU) into Air washer
(MGF) were installed in the Cooling Tower &
The Company has installed and commissioned Chilled water system. This modification has
4 nos. of 30K CFM each Air Washers in place resulted in reducing the frequency of flushing
of Air handling units consuming about 100 TR and draining of water from the system. This
chilled water load. This has resulted in energy

UFLEX LIMITED
CIN: L74899DL1988PLC032166
modification has resulted in conservation of 4. Installation of new 950 TR VAM :

water by about 5000 liters on daily basis. .
The Company is in process of starting one 950
8. Installation of Sewage Treatment Plant : TR VAM, which will run on waste heat derived
from Gas Gen set. With the start of this VAM,
30 KLD each STP plant installed for statutory there will be saving of Rs 290 Lacs per annum.
compliance and treated water being used for
gardening etc which resulted in water saving by (c) Impact of measures at (a) & (b) above for
about 20 KLD on daily basis. reduction of energy consumption
9. Operation of Auto tube cleaning system in The measures taken have resulted in savings in
Chillers : cost of production, power consumption, reduction in
With the installation of Auto tube cleaning carbon dioxide emissions & processing time.
system in chillers, the Company is able to (d) The steps taken by the Company for utilizing
control the condenser approach Temperature alternate source of Energy
within limits and this has resulted in saving of Rs
10 Lacs per annum on account of lesser power The Company was using Diesel, as a Fuel for heat
consumption by the chillers. generation in lamination process. This was changed
to Piped Natural Gas in the month of September,
Apart from the above, the Company have also 2020.
undertaken, the following measures during the
year under review : (e) The Capital Investments on Energy Conservation
Equipment
i. Process optimization by installation of
electrical heater in hot room replacing The Company have not made any major capital
steam heater resulting energy consumption investments during the year 2020-21.
reduction up to 10400 scm/annum of PNG
B. TECHNOLOGY ABSORPTION
(Rs 1.13L).
I. The efforts made towards Technology Absorption
ii. Utility optimization by installation of Scroll
The Company have continued to develop through
type chillers resulting energy consumption
its creative edge, in a highly competitive industry by
reduction up to 35903 Kwh/annum (Rs
Investing in cutting-edge technology for research
5.23L).
and development of products in accordance
iii. Installation of energy efficient Air conditioner with global trends. The Company employ design
results in saving of power consumption up thinking to connect with its consumers’ evolving
to 17718 Kwh/annum (Rs 1.5L). their requirement. During FY2020-21, the Company
iv. Installation of FRP Blade Fan in cooling added a range of value-added features to its existing
tower result in saving of power consumption products and successfully created differentiation for
up to 2432 Kwh/annum (Rs 0.04L) its products in the market. R&D team works hand-
v. Installation of energy efficient luminaire in-hand with Production and Marketing team to
result in saving of power consumption up to introduce and establish new products and to ensure
11414 Kwh/annum (Rs 1.00 L) proper Quality, Output, Cost and efficiency. The
Company’s futuristic, high-quality products are its
(b) Future Proposals for Energy Conservation brand value. FY2020-21 witnessed the launch of 7
1. The Company is planning to replace one 6 MW new products and 3 modified in recipe new products
HFO based gen set with 8.7 MW natural gas in the FMCG sector. Seven new developed products
gen set, in order to stop complete usage of are Transparent Ultra Barrier BOPP film, Soft Touch
liquid fuel based Gen sets in Sector 60, Noida. (Velvet Feel) MATTE BOPET Film, Soft Touch (Velvet
This gas gen set will be a stand by gen set for Feel) MATTE BOPP Film, Transparent High Heat
the purpose of any maintenance to be carried Resistance BOPP Film with exceptional Oxygen
out on three nos. operating gas gen sets. Barrier, Outstanding Barrier Metallized BOPP Film,
Ultra High Barrier Transferring Alox BOPP Film, and
2. The Company is planning to install one Close Metallised PET film for Aluminum foil replacement.
Loop Cooling Tower of 225 CMH to reduce the
chiller load by 100 TR. This will result in saving Also, before commencing trials on the main plant,
electricity by about Rs. 40 Lacs annually. all new polymers, coating chemicals, are first tested
on Lab / pilot scale in extensively developed test
3. The Company will continue its special drive to facilities. All the new product trials are taken under
inspect & repair its existing Insulation on the supervision of Senior R&D personnel.
pipes/ducts to minimize heat losses.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
II. The benefits derived like product improvement, • Extra ordinary Soft Feel performance
cost reduction, product development or import • Excellent contact clarity with Low Gloss on
substitution matte side.
Highlights are as follows: • Ultra matt Appearance and special coating
effect.
Process Technology - R&D has developed inline /
offline coated and Coextruded products. • Improved Scratch resistance
• High Haze (<90%)
Technology used - Barrier / water/Solvent based
coating • Overprint varnishes for Luxury packaging
applications (paper& board and plastic films)
Product Developed: -
1) B-ULB - 18μ (Transparent Ultra Barrier BOPP B-STF -18μ (Soft Touch (Velvet Feel) MATTE
film) Offline coated product BOPP Film) Offline coated product
2) F-STF -12μ (Soft Touch (Velvet Feel) MATTE • The soft touch properties archived by giving a
BOPET Film) Offline coated product special effect on the surface of the film having
excellent application for thermal lamination,
3) B-STF -30μ (Soft Touch (Velvet Feel) MATTE
Label, Board laminations, Graphic and
BOPP Film) Offline coated product
Advertising Banners.
4) B-THB- 18μ (Transparent High Heat Resistance
• Ultra matt Appearance
BOPP Film with exceptional Oxygen Barrier)
Coextruded layer modification • Improved Scuff resistance
5) B-UHB-M- 18μ (Outstanding Barrier Metallized • Exceptionally bright color transfers in Paper &
BOPP Film) Coextruded layer modification Board Lamination
6) B-ULX- 18μ (Ultra High Barrier Transferring • Excellent contact clarity with Low Gloss <5
Alox BOPP Film) Alox Coated product • High Haze >80%
7) F-MSH- 12/23μ (Super Matt Resin and Polyester B-THB- 18μ (Transparent High Heat Resistance
Film) Monolayer coextruded BOPP Film with exceptional Oxygen Barrier)
8) F-EMB- 13μ (Direct Embossable Resin and Coextruded layer modification
Polyester Film) Coextruded layer modification • B-THB is a functionally modified with high heat
9) F-PGS 12μ (Transparent High Barrier Polyester resistance surface with exceptional Oxygen
Film) Offline coated product Barrier (< 120 cc/m2/day) and High Heat
10) F-SBM-M 12μ (Metallised PET film for Aluminum Resistance: >150°C
foil replacement) Inline coated product • Sustainable packaging solution for mono-
material structure /recyclable.
B-ULB - 18μ (Transparent Ultra Barrier BOPP
film) Offline coated product • Replacement of conventional BOPET film.
• For Development of this product R&D has • Good in Jaw release property
developed new formulation in-house and • Inside/Bottom gusseted film will not seal to itself
validated successfully by many customers. • Applications – Chips & snacks, Biscuits, cookies
• Cost has been reduced by new developed & crackers packaging and Confectionery &
formulation from 4.64 USD to 3.37 USD. chocolate packaging.
• Transparent Ultra Barrier BOPP film has one • Good seal finishing in stand up pouch & 3D
side ultra-barrier surface coating and other side bags
heat sealable untreated layer with excellent B-UHB-M- 18μ (Outstanding Barrier Metallized
Oxygen barrier < 0.5 cc/m2/day and WVTR BOPP Film) Coextruded layer modification
(38⁰C & 90 % RH): < 5.0 g/m2/day. • Exceptional barrier to Oxygen (0.10 cc/m2/day),
• The Film is suitable for packaging of food Moisture (0.10 gm/m2/day), Aroma and Mineral
product sensitive to Oxygen I.e. Dry fruit or nuts. oil.
F-STF -12μ (Soft Touch (Velvet Feel) MATTE • Excellent metal adhesion (> 350 gm/25mm) &
BOPET Film) Offline coated product Flex cracking Resistance
• Soft touch/velvet feel matte coated film. The film • Heat Seal initiation temperature: 95°C
is specially designed to laminate high quality • Good exhaustion lamination bond
graphic media with a velvet feel similar to peach • Replacement of AL foil
skin. • Easy processing at high speed
• Cost has been reduced by new developed • Sustainable, recyclable and chlorine free
formulation from 6.08 USD to 5.04 USD. solution

UFLEX LIMITED
CIN: L74899DL1988PLC032166
• Application: Dry fruits & beverage packaging, route and embossable layer provide deep &
Chips & snacks packaging, Cookies & sharp impression.
crackers packaging, Confectionery & chocolate • The embossable layer eliminates need
packaging. for any additional polymer coating before
B-ULX- 18μ (Ultra High Barrier Transferring Alox embossing.
BOPP Film) Alox Coated product • Excellent Gloss & Clarity and chemical
• Excellent High Barrier - Gas, Oxygen (< 1.0 cc/ resistance
m2/day), Moisture (< 1.0 cc/m2/day) and Aroma • The film possesses good mechanical, surface
• Heat Seal Initiation Temp. : 95°C & thermal properties and ensures excellent
• Good resistance to mineral Oil processability.
• Excellent Optics and Clear Vacuum Coating F-PGS 12μ (Transparent High Barrier Polyester
• Good seal functionality (Low SIT & High Hot Film) Offline coated product
Tack) • F-PGS Transparent high barrier PET Film with
• Eco- Friendly - Chlorine Free Solution excellent Oxygen barrier range 0.7 to 2.0 cc/m2/
day Chlorine Free and water base eco-friendly
F-MSH- 12/23μ (Super Matt Resin and Polyester
coating.
Film) Monolayer coextruded
• Super matte Resin and Polyester Film has been • Approx. 6.7 MT film has been dispatched to 14
developed with in-house advance modified customers.
formulation of resin and modification of process • Optically clear, thermally stable and excellent in
for film also for 12 and 23 μ. process ability.
• Approx. 8.5 MT film has been dispatched to • Replacement of PVDC coated PET film and of
more than 23 customers and Positive feedback non-retort-AlOx PET film.
received from 7 Customers and remaining • Excellent in Flex crack resistance unlike metal
response awaited. Modified resin and film oxide coated film or Al-metallized film.
recipe save the net margin 1.4 USD/Kg.
• Compatible with solvent base water base ink
• F-MSH (Low Gloss - 28) film is a high grade system, Specially with PU and Vinyl base ink
translucent film with very high haze of > 70%
• Suitable for Dry, Chilled food and liquid
(12μm) and > 90% (23 μm).
packaging. Retain OTR at elevated humidity.
• Excellent matte effect and outstanding print
F-SBM-M 12μ (Metallised PET film for Aluminum
quality
foil replacement) Inline coated product
• Strong, dimensionally stable and tear resistant • F-SBM-M is metalized polyester film having
• High level of flatness and Superior durability excellent barrier (< 0.3 gm/m²/day) and metal
• Excellent machinability & handling properties bond properties (>500 gm/inch) and suitable for
Hot fill applications upto 90°C.
• Printable using a variety of techniques with an
excellent key to inks and adhesives • Metallization is done on the special coating
which offers desired properties.
• Flexible packaging, Good stiffness, Label
application Conversion application, Board • Application: Food packaging laminates where
lamination. high barrier is required such as Corns, Coffee,
tea, crispy snacks etc. Suitable for packaging
F-EMB- 13μ (Direct Embossable Resin and of hot Chocolates, Ketchups, soups, juice and
Polyester Film) Coextruded layer modification dairy products etc.
• Direct Embossable Resin and Polyester Film
Future Projects which are under process:
have been developed with in-house advance
modified formulation of resin and modification of High Performance Low Temperature Heat Seal
process for film for smooth run ability of 13 μ. Coating for BOPP:
• Approx. 350 MT film has been dispatched. • Ultra Low Seal (SIT 65 - 70° C),
Recipe approved its Jammu unit. Modified resin • High Hot Tack, Good seal through contamination,
and film recipe save the net margin 0.7 USD/kg.
• Exceptional wide sealing range Robust
• F-EMB grade is a Biaxial Oriented Transparent performance on HFFS m/c
Polyester Film with embossable layer by co-
The Trial was taken in the pilot coating lab and trial
extruded with specialty polymer on one side.
has been planned to Jammu Plant for high Volume
• The film possesses high clarity which makes it in the month of July’21.
suitable for holography through soft embossing

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Anti-Microbial Film: High seal strength in polyester Film (>2.5 kgf/Inch):

• Antimicrobial films have >99.9% activity (which Aim to to increase the seal strength more than 2.5
denotes >3 log reduction) both against Gram kgf/Inch in polyester film for lock seal applica on
positive and Gram negative bacterium. with seals to itself or mono material solu on.
The trial is to be taken in the IIT Delhi lab and Seal and easy peel polyester Film by Master
Successfully Pilot trial done. Anti-microbial batch root:
test validated from Intertek agency as per ISO
Aim to develop polyester film by master batch root to
22196-2007.
eliminate coating process and cost effective.
F-TPA - 23μ (Sealable Peelable BOPET Film)
High barrier Alox Film:
Offline coated product
After Retort at 128°C for 50 Min
• For Development of this product R&D has
developed new formulation in-house and <0.1 cc/m2/day OTR after retort
validation is being process. <0.1 gm/m2/day WVTR after retort film to be
• Cost has been reduced by new developed developed.
formulation from 4.18 USD to 3.3 USD. III. In case of imported technology (imported during
• Transparent polyester film with thickness 23μ, the last three years reckoned from the beginning
high clarity, high gloss and excellent Seal Peel of the financial year)- N.A
with APET, CPET, GPET, PVC substrate/ trays. IV. The expenditure incurred on Research and
• Low GSM coating (1.3-1.5) Development – 2020-2021- ₹ 165.03 Lacs
• Optically clear (4-6 % Haze) C. FOREIGN EXCHANGE EARNINGS AND OUTGO
• Instant cold and hot anti-fog. 1. Activities relating to exports:
Inline Coating Dyne retention BOPP film- Inline Initiatives taken to increase exports;
coated product: development of new export markets for products
• It extended self-life by 09 months. and services and export plans:
The trial was taken in pilot coa ng lab and The Company is at present exporting its
products to USA, Europe, Asia Pacific, Middle
trial has been planned to Egypt plant for high
East, Africa & other countries. The Company is
volume in the month of Aug’21. continuously exploring possibilities of exporting
Inline UV printable BOPP film- Inline coated products to different markets.
product:
2. During the period under review:
• Excellent compatibility with broad ink system,
(Rs. in Crores)
adhesive anchorage, In-out blocking resistance.
a) Earnings in Foreign Exchange
• Excellent stiffness for automatic label dispenser
i) F.O.B. value of export of 752.00
• All types of print suitable and improved Barrier
manufactured/ Stock in Trade
The trial was taken in pilot coa ng lab and ii) Sales of Services 0.59
trial has been planned to Egypt plant for high
iii) Technical Support Fees 19.32
volume in the month of Aug’21.
iv) Commission for extension 2.00
Both Side Acrylic Coating on BOPP - Offline
of Corporate Guarantee for
coated product: Subsidiaries
• Excellent Hot Tack, Superior optics, Stiffness, v) Dividend --
hot slip, Flavor & Aroma barrier,
b) Expenditure
• Excellent Printability & Resolution,
i) CIF Value of Imports 814.62
• No Impact on Organoleptic
ii) Expenditure in Foreign Currency 11.28
The successfully trial was taken in the pilot coating
lab and trial has been planned to Jammu Plant for
high Volume in the month of July’21. For & On behalf of the Board
Future Project:
Ashok Chaturvedi
Scratch resistance film
Place : NOIDA Chairman & Managing Director
Aim to improved Scratch/ Abrasion Resistance Dated : 29th June, 2021 DIN: 00023452
properties in films by master batch root.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE – ‘G’
BUSINESS RESPONSIBILITY REPORT 2020-21
As per the provisions of Regulation 34(2)(f) of the Listing Regulations read with the SEBI’s Circular and Notification
dated November 4, 2015, December 22, 2015 & December 26, 2019, The Securities and Exchange Board of India vide
“The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015” as amended from time to time, has
mandated the inclusion of a “Business Responsibility Report” (BRR) as part of Company’s Annual Report for top one
thousand listed entities based on market capitalization at the BSE Limited (BSE) and the National Stock Exchange of
India Ltd. (NSE) as on March 31 of every financial year in compliance of the National Voluntary Guidelines on Social,
Environmental and Economic Responsibilities of Business, as notified by the Ministry of Corporate Affairs (MCA),
Government of India.
The Business Responsibility Report of the Company includes its responses to questions on the practices and
performance on key principles defined by Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, covering topics across environment, governance, and stakeholder relationships.
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1. Corporate Identity Number (CIN) of the Company L74899DL1988PLC032166
2. Name of the Company UFLEX LIMITED
3. Registered address 305, 3rd Floor, Bhanot Corner,
Pamposh Enclave, Greater Kailash – I,
New Delhi – 110 048
4. Website www.uflexltd.com
5. E-mail id secretarial@uflexltd.com
6. Financial Year reported 01-04-2020 to 31-03-2021
7. Sector(s) that the Company is engaged in (industrial 22209 – Manufacture of other plastics products n.e.c.
activity code-wise)
8. List three key products/services that the Company • Flexible Packaging Material
manufactures/provides (as in balance sheet) • Engineering Business
9. Total number of locations where business activity is

undertaken by the Company
(a) Number of International Locations (Provide Five (5)

details of major 5) • Dubai, UAE
• Mexico
• Egypt
• Poland
• USA
(b) Number of National Locations Three (3)
• Noida, Uttar Pradesh
• Bari Bruhmana, Jammu
• Sanand, Gujarat
10. Markets served by the Company – Local/State/ Asia, Europe, America & Africa
National/International
SECTION B: FINANCIAL DETAILS OF THE COMPANY

1. Paid up Capital (INR) 72,21,14,860/-
2. Total Turnover (INR) Rs 4635.07.Crore
3. Total profit after taxes (INR) Rs. 230.44Crore
4. Total Spending on Corporate Social Responsibility 2.05% (Rs 217.99 Lacs) of average profit for previous
(CSR) as percentage of profit after tax (%) three years in respect of standalone UFLEX (computation
as prescribed by the Companies Act, 2013)

UFLEX LIMITED
CIN: L74899DL1988PLC032166
5. List of activities in which expenditure in 4 above has been incurred:

Promoting Education
Environmental Sustainability
Health care
Promoting National Recognised Sports
SECTION C: OTHER DETAILS
1. Does the Company have any Subsidiary Company/ Yes, the details of which have been in the Annual
Companies? Report for the financial year 2020-21.
2. Do the Subsidiary Company/Companies participate in the The Subsidiary Companies do not participate in
BR Initiatives of the parent company? If yes, then indicate the BR initiative of the Company
the number of such subsidiary company(s)
3. Do any other entity/entities (e.g. suppliers, distributors No.

etc.) that the Company does business with, participate in
the BR initiatives of the Company? If yes, then indicate the
percentage of such entity/entities? [Less than 30%, 30-
60%, More than 60%]
SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR

(a) Details of the Director/Director responsible for implementation of the BR policy/policies
1. DIN Number 0023452
2. Name Shri Ashok Chaturvedi
3. Designation Chairman & Managing Director
(b) Details of the BR head
No. Particulars Details
1. DIN Number (if applicable) 0023452
2. Name Shri Ashok Chaturvedi
3. Designation Chairman & Managing Director
4. Telephone Number 0120-4012345
5. e-mail id secretarial@uflexltd.com
List of Principles
Principle 1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
Principle 2 Businesses should provide goods and services that are safe and contribute to sustainability
throughout their life cycle
Principle 3 Businesses should promote the wellbeing of all employees
Principle 4 Businesses should respect the interests of, and be responsive towards all stakeholders, especially
those who are disadvantaged, vulnerable and marginalized
Principle 5 Businesses should respect and promote human rights
Principle 6 Business should respect, protect, and make efforts to restore the environment
Principle 7 Businesses when engaged in influencing public and regulatory policy, should do so in a responsible
manner
Principle 8 Businesses should support inclusive growth and equitable development
Principle 9 Businesses should engage with and provide value to their customers and consumers in a responsible
manner

UFLEX LIMITED
CIN: L74899DL1988PLC032166
2. Principle-wise (as per NVGs) BR Policy/policies

(a) Details of compliance (Reply in Y/N)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/ policies for Y Y Y Y Y Y Y Y Y
2 Has the policy being formulated in consultation Y Y Y Y Y Y Y Y Y
with the relevant stakeholders?
3 Does the policy conform to any national / Yes, Statutory policies are in conformity with the applicable
international standards? If yes, specify? (50 provisions of the regulations of the Securities and Exchange
words) Board of India and strictly aligned to various standards to
achieve maximum stakeholders’ interest.
4 Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
if yes, has it been signed by MD/ owner/ CEO/
appropriate Board Director?
5 Does the company have a specified committee N N N Y N N N Y N
of the Board/ Director/ Official to oversee the
implementation of the policy?
6 Indicate the link for the policy to be viewed online? https://www.uflexltd.com/policies.php
Apart from the Statutory policies which are available on the

website of the Company, other policies have been made
available to the employees of the Company.
7 Has the policy been formally communicated to all The policies have been communicated to relevant internal
relevant internal and external stakeholders? stakeholders. To cover all stakeholders, communication is
an on-going process.
8 Does the company have in-house structure to Y Y Y Y Y Y Y Y Y
implement the policy/ policies.
9 Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y
mechanism related to the policy/ policies to
address stakeholders’ grievances related to the
policy/ policies?
10 Has the company carried out independent audit/ The Company does not carry out independent audit/
evaluation of the working of this policy by an evaluation of working of the Policy by an external agency
internal or external agency? as of now.
(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2
options)
No Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The company has not understood the Principles -- -- -- -- -- -- -- -- --
2 The company is not at a stage where it finds itself in -- -- -- -- -- -- -- -- --
a position to formulate and implement the policies on
specified principles
3 The company does not have financial or manpower -- -- -- -- -- -- -- -- --
resources available for the task
4 It is planned to be done within next 6 months -- -- -- -- -- -- -- -- --
5 It is planned to be done within the next 1 year -- -- -- -- -- -- -- -- --
6 Any other reason (please specify)* -- -- -- -- -- -- -- -- --
*The Business Responsibility Report (“BRR”) is applicable to those companies who are in top 1000 on the basis of Market
Capitalisation as on 31st March, 2021.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
3. Governance related to BR
(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR
performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year
The Company does not have a Committee of Board for dealing with this matter specifically. However, aspects
of Business Responsibility are reviewed by the various other committees / CEO /Business Heads of the
Company from time to time.
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink or viewing this report? How
frequently it is published?
The BR Report for the FY 2020-21 may be accessed through the Company’s website link: www.uflexltd.com.
SECTION E: PRINCIPLE-WISE PERFORMANCE
PRINCIPLE 1: BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH ETHICS,

TRANSPARENCY AND ACCOUNTABILITY
1. Does the policy relating to ethics, bribery and corruption cover only the company? Yes/ No. Does it extend
to the Group/Joint Ventures/ Suppliers/Contractors/NGOs /Others?
The Company believes in upholding the values of transparency, accountability and good governance. The Company
has a Code of Conduct and Whistle Blower Policy which inter-alia cover Anti-Bribery and Corruption Directive
and these Policies are only applicable to the Company. The Code of Conduct covers the Directors and Senior
Management of the Company. The Company also encourages its Group/Joint Ventures/Suppliers/Contractors/
NGOs/Others to practice the same in a fair manner.
The Company’s Code of Conduct and Whistle Blower Policy are available on the website of the Company.
2. How many stakeholder complaints have been received in the past financial year and what percentage was
satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so.
No complaints were received during the year 2020-21 from various stakeholders / shareholders, which were
promptly attended. There are no complaints un-attended /un-resolved at the end of financial year. The Company
did not received any significant external complaint in the last financial year.
PRINCIPLE 2: BUSINESSES SHOULD PROVIDE GOODS AND SERVICES THAT ARE SAFE AND
CONTRIBUTE TO SUSTAINABILITY THROUGHOUT THEIR LIFE CYCLE
1. List up to 3 of your products or services whose design has incorporated social or environmental concerns,
risks and/or opportunities.
Flexible Packaging Material (NIC - 22209 - Manufacture of other plastics products n.e.c.), constitutes approximately
93.66% of the total turnover of the Company. The Company being India’s largest flexible packaging company and
an emerging global player has been innovating and launching new products/technologies meeting the Client
specifications. The Company understands its obligations on social and environmental concerns, risk and
opportunities. Accordingly three main products of the company are as hereunder:
1. Biodegradable Packaging material.
2. Flexible packaging material with PCR ( Post consumer recycled ) content.
3. Moulded components used for in-house consumption using internally recycled granulates.
2. The Company deploys best technology for optimum utilization of resources. The Company takes proactive steps to
control, reduce, treatment and efficient disposal/treatment of toxic and hazardous wastes during the manufacturing
process and focuses on developing eco-friendly products which meet the best international standards. Further, the
Company ensures that all processes, plant, equipment’s, machinery and materials deployed are safe to the people
as well as the environment.
The Company has also taken various energy conversion initiatives like use of Pyrolysis Plant in order to recycle
waste of laminates, Metalized PET and BOPP Films, Installation of VFD Chillers & Compressor, Waste Heat
Recovery and Auto Tube Cleaning System on Chiller for reducing power consumption. Please refer the Conservation
of Energy Section of the Annual Report for further details.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
3. Does the company have procedures in place for sustainable sourcing (including transportation)? If yes,
what percentage of your inputs was sourced sustainably? Also, provide details thereof, in about 50 words
or so.
It is important for the Company to manage the impacts of its product life cycle for the success of its operations.
The life cycle of the product covers the entire value chain from sourcing of raw materials to product manufacture,
distribution and consumption/disposal.
The Company focuses on environmental impacts of sourcing and continually works with the vendors and suppliers
to reduce the same. We are aware that most of the vendors/suppliers for key raw material are working on sustainable
basis. Transportation and logistics optimization is an ongoing activity to reduce the relative environmental impacts.
4. Has the company taken any steps to procure goods and services from local & small producers, including
communities surrounding their place of work? If yes, what steps have been taken to improve their capacity
and capability of local and small vendors?
The Company encourages the sourcing of its raw materials from local economy and small vendors, as far as
possible.
5. Does the company have a mechanism to recycle products and waste? If yes what is the percentage of
recycling of products and waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about
50 words or so.
Yes, <5% . As a responsible manufacturer of Flexible Packaging, UFlex, India’s largest flexible packaging company
recognized the need to recycle plastic waste more than two decades back and established recycling units in its
plants that convert MLP Waste into Pellets. An added feature of the recycled material (pellets) is that it is re-used
to manufacture industrial and household products like roads, outdoor furniture, paver tiles, ladders and many more
such essential items. Thus, UFlex is helping create a circular plastic economy by keeping plastic ‘In the Economy’
and ‘Out of the Environment’.
PRINCIPLE 3: BUSINESSES SHOULD PROMOTE THE WELLBEING OF ALL EMPLOYEES

1. Please indicate the Total number of employees.
The total number of employees were 6436 as on March 31, 2021 in the Company
2. Please indicate the Total number of employees hired on temporary/contractual/casual basis.
The total contractual/temporary manpower employed were 2098 as on March 31, 2021 in the Company.
3. Please indicate the Number of permanent women employees.
There were 180 permanent female employees as on March 31, 2021 in the Company.
4. Please indicate the Number of permanent employees with disabilities
There were no differently abled permanent employees as on March 31, 2021
\5. Do you have an employee association that is recognized by management?
Presently, the Company does not have any employee association.
6. What percentage of your permanent employees is members of this recognized employee association?
Not Applicable.
7. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual
harassment in the last financial year and pending, as on the end of the financial year.
No. Category No of complaints filed No of complaints

during the financial year pending as on 31st
March, 2021
1 Child labour / forced labour / involuntary Nil Nil
labour
2 Sexual harassment Nil Nil
3 Discriminatory employment Nil Nil

UFLEX LIMITED
CIN: L74899DL1988PLC032166
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the
last year?
(a) Permanent Employees 100%

(b) Permanent Women Employees 100%
(c) Casual/Temporary/Contractual Employees 100%
(d) Employees with Disabilities --
PRINCIPLE 4: BUSINESSES SHOULD RESPECT THE INTERESTS OF, AND BE RESPONSIVE TOWARDS
ALL STAKEHOLDERS, ESPECIALLY THOSE WHO ARE DISADVANTAGED, VULNERABLE AND
MARGINALIZED
1. Has the company mapped its internal and external stakeholders?
Yes
2. Out of the above, has the company identified the disadvantaged, vulnerable & marginalized stakeholders.
Yes
3. Are there any special initiatives taken by the company to engage with the disadvantaged, vulnerable and
marginalized stakeholders. If so, provide details thereof, in about 50 words or so.
In accordance with the CSR policy of the Company, the Company takes various CSR initiatives in the fields of
education, healthcare, ecosystem restoration, environmental sustainability, community welfare for development &
upliftment of the underprivileged sections of the society and sports promotion.
PRINCIPLE 5: BUSINESSES SHOULD RESPECT AND PROMOTE HUMAN RIGHTS

1. Does the policy of the company on human rights cover only the company or extend to the Group/Joint
Ventures/Suppliers/Contractors/NGOs/Others?
The Company respects Human Rights of all relevant stakeholders and groups within and beyond the workplace
including that of communities, consumers and marginalized groups. All practices and policies of the Company
including engagement with suppliers, contractors etc., ensures human rights are honored and protected.
2. How many stakeholder complaints have been received in the past financial year and what percent was
satisfactorily resolved by the management?
The Company did not receive any stakeholders’ complaints in the financial year 2019-20 for violation of human
rights.
PRINCIPLE 6: BUSINESS SHOULD RESPECT, PROTECT, AND MAKE EFFORTS TO RESTORE THE
ENVIRONMENT
1. Does the policy related to Principle 6 cover only the company or extends to the Group/Joint Ventures/
Suppliers/Contractors/NGOs/others.
The Company is committed to improve Health & Safety of the society and protection of the environment, and
the policy applies to the entire Company and doesn’t extend to other entities. Uflex Limited also encourages its
subsidies, vendors and dealers to take health, safety and environment friendly measures for better future.
2. Does the company have strategies/ initiatives to address global environmental issues such as climate
change, global warming, etc? Y/N. If yes, please give hyperlink for webpage etc.
Yes, In order to address the global environmental issues like climate change, global warming, the Company has
embedded many facets related to respecting and protecting environment in its operations an processes.
UFlex, a pioneer in Multilayer Plastic Manufacturing and Waste recycling, is scaling up its recycling strength to
help build a circular economy, by the way of setting up two lines that will wash and recycle post-consumer waste
and subsequently give a second life to plastics. This pilot plant in its Noida facility commenced its operations and is
aimed to mitigate the piling plastic dumps in Delhi–NCR by recycling collected post-consumer waste PET Bottles
and Multi-layer Plastic packaging into chips and granules, put into further use to make products with economic
value. In line with its global sustainability campaign ‘Project Plastic Fix’, UFlex will steer its efforts towards keeping
plastic in the economy and out of the environment, converting waste into wealth. Initiatives taken by the Company

UFLEX LIMITED
CIN: L74899DL1988PLC032166
to address the global environmental issues are also available at weblink https://www.uflexltd.com/environmental-
sustainability.php
3. Does the company identify and assess potential environmental risks?
Yes, the Company from time to time assess various Environmental risk associated with its activities and its likely
impact. The purpose of this procedure is to establish and maintain procedures for identifying environmental/Hazard
aspect activities.
4. Does the company have any project related to Clean Development Mechanism? If so, provide details
thereof, in about 50 words or so. Also, if Yes, whether any environmental compliance report is filed?
The Company does not have any specific project related to clean development mechanism but it has facilities to
process, recycle and reuse the waste generated from the operations.
5. Has the company undertaken any other initiatives on – clean technology, energy efficiency, renewable
energy, etc. Y/N. If yes, please give hyperlink for web page etc.
The company is committed to focus on reducing energy consumption as it opens up opportunities for innovation
and improved efficiency, while reducing risks arising from price volatility and helping us manage natural resources.
The Company have taken several steps across production units and utilities to boost its energy efficiency in order
to achieve Company’s commitment towards reducing absolute energy consumption and moreover specific energy
consumption of various products. (Weblink: www.uflexltd.com)
6. Are the Emissions/Waste generated by the company within the permissible limits given by CPCB/SPCB for
the financial year being reported?
Yes, emission/waste generated by the Company are within the permissible limits given by CPCB/SPCB for the
financial year 2020-21.
7. Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to
satisfaction) as on end of Financial Year.
None
PRINCIPLE 7: BUSINESSES WHEN ENGAGED IN INFLUENCING PUBLIC AND REGULATORY POLICY,

SHOULD DO SO IN A RESPONSIBLE MANNER
1. Is your company a member of any trade and chamber or association? If Yes, Name only those major ones
that your business deals with:
(a) Federation of Indian Chamber of Commerce and Industry(FICCI)
(b) The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
(c) PHD Chamber of Commerce and Industry (PHDCCI)
(d) Confederation of Indian Industry (CII)
(e) PlastIndia
(f) The Organisation of Pharmaceutical Producers of India (OPPI)
(g) Indian Federation of Culinary Associations (IFCA)
2. Have you advocated/lobbied through above associations for the advancement or improvement of public
good? Yes/No; if yes specify the broad areas ( drop box: Governance and Administration, Economic
Reforms, Inclusive Development Policies, Energy security, Water, Food Security, Sustainable Business
Principles, Others)
Your Company is associated with above institutions with an intention of mutual learning and contribution in
development of processes. As and when required, the Company put forth its views on the issues faced by the
industry with respective business forums and chambers.
PRINCIPLE 8: BUSINESSES SHOULD SUPPORT INCLUSIVE GROWTH AND EQUITABLE DEVELOPMENT

1. Does the company have specified programmes/initiatives/projects in pursuit of the policy related to
Principle 8? If yes details thereof.
Yes, Uflex has a CSR Policy in line with Section 135/ Schedule VII of the Companies Act, 2013. On the basis of

UFLEX LIMITED
CIN: L74899DL1988PLC032166
needs of the community around the projects, either observed or on the basis of requests, the initiatives for the
benefit of society are chosen and implemented.
2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/

government structures/any other organization?
The CSR programs/projects of the Company are more generally run by outside agencies/organizations.
3. Have you done any impact assessment of your initiative?

The CSR Programmes/projects are monitored and reviewed periodically by the Corporate Social Responsibility
Committee.
4. What is your company’s direct contribution to community development projects- Amount in INR and the
details of the projects undertaken.
In 2020-21, the Company has spent Rs. 217.99 Lacs on community development projects under CSR initiatives.
5. Have you taken steps to ensure that this community development initiative is successfully adopted by the
community? Please explain in 50 words, or so.
The Company undertakes CSR activities after assessing the needs of the community. Further, all CSR activities
are rolled out directly to the society. The Company believes that they will benefit the society at large. This helps in
increased reach as well as ensuring the adoption of initiative by communities.
PRINCIPLE 9: BUSINESSES SHOULD ENGAGE WITH AND PROVIDE VALUE TO THEIR CUSTOMERS AND
CONSUMERS IN A RESPONSIBLE MANNER
1. What percentage of customer complaints/consumer cases are pending as on the end of financial year.
No customer complaints/consumer cases were pending as on end of financial year 2020-21.
2. Does the company display product information on the product label, over and above what is mandated as
per local laws? Yes/No/N.A./Remarks (additional information)
Yes, the Company adheres to all product labeling and product information requirements as per the local laws.
3. Is there any case filed by any stakeholder against the company regarding unfair trade practices,
irresponsible advertising and/or anti-competitive behaviour during the last five years and pending as on
end of financial year. If so, provide details thereof, in about 50 words or so.
No court case has been filed against the Company regarding unfair trade practices and/or irresponsible advertising
during the last five years or pending as on end of the financial year.
4. Did your company carry out any consumer survey/ consumer satisfaction trends?
The Company has not carried out any formal consumer survey/ consumer satisfaction trends. However, the
Company keeps track of responses / comments through various media channels which helps the Company to
raise customer satisfaction levels, provide consistent product delivery experience and provide timely redressal
to customer queries and concerns. The Company received numerus customer awards for contribution to their
business such as quality, excellence, design development, best performance etc. which represents customer
satisfactions. The details of all Awards and Accolades conferred upon the Company are provided on the company’s
website at http://www.uflexltd.com/awards.php and also in “Awards” section in Directors’ Report.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
ANNEXURE – ‘H’
SECRETARIAL COMPLIANCE REPORT OF UFLEX LIMITED FOR THE YEAR
ENDED 31ST MARCH, 2021
I, Mahesh Kumar Gupta, have examined:

a) all the documents and records made available to me and explanation provided by Uflex Limited (the “Listed
Entity”),
b) the filings/ submissions made by the listed entity to the stock exchanges,
c) website of the listed entity,
d) any other document/ filing, as may be relevant, which has been relied upon to make this clarification, for the
year ended 31st March, 2021 (“Review Period”) in respect of compliance with the provisions of:
i. the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) and the Regulations, circulars,
guidelines issued thereunder; and
ii. the Securities Contracts (Regulations) Act, 1956 (“SCRA”), rules made thereunder and the Regulations,
circulars, guidelines issued thereunder by the Securities and Exchange Board of India (“SEBI”);
The specific Regulations, whose provisions and the circulars/ guidelines issued thereunder, have been examined
include:-
a) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
b) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 –
Not applicable as the Company did not issue any securities during the year under review
c) Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
d) Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 – Not applicable as the
Company has not bought back any of its securities during the year under review
e) Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 – Not applicable
as the Company has not granted any Options to its employees during the year under review
f) Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 – Not
applicable as the Company has not issued any debt securities during the year under review
g) Securities and Exchange Board of India (Issue and Listing of Non-Convertible and Redeemable Preference
Shares) Regulations, 2013 Not applicable as the Company has not issued any Non-Convertible and
Redeemable Preference Shares during the year under review
h) Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
And circulars/ guidelines issued thereunder;
And based on the above examination, I hereby report that, during the Review Period:
a) The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued
thereunder, except in respect of matters specified below:-
Sr. No. Compliance Requirement Deviations Observations/ Remarks

(Regulations/ Circulars/ guidelines of the Practicing
including specific clause) Company Secretary
None

UFLEX LIMITED
CIN: L74899DL1988PLC032166
b) The listed entity has maintained proper records under the provisions of the above Regulations and circulars/
guidelines issued thereunder is so far as it appears from my examination of those records.
c) The following are the details of actions taken against the listed entity/ its promoters/ directors/ material
subsidiaries either by SEBI or by Stock Exchanges (including under the Standard Operating Procedures
issued by SEBI through various circulars) under the aforesaid Acts/ Regulations and circulars/ guidelines
issued thereunder:
Sr. Action taken by Details of Details of action Observations/ remarks of

No. Violation taken E.g. fines, the Practicing Company
warning letter, Secretary, if any
debarment, etc.
None
d) The listed entity has taken the following actions to comply with the observations made in previous reports:
Sr. No. Observations of the Observations made Actions taken Comments of the
Practicing Company in the secretarial by the listed Practicing Company
Secretary in the compliance report entity, if any Secretary on the actions
previous reports for the year ended taken by the listed entity
31.03.2020
None
e) The Listed Entity has suitably modified the terms of appointment of its present statutory auditors to give effect
to para 6(A) and 6(B) of SEBI Circular dated October 18, 2019 bearing no. CIR/CFD/CMD1/114/2019.
For Mahesh Gupta & Company

Place : Delhi Company Secretaries
Date : 29th June, 2021
Mahesh Kumar Gupta

Proprietor
FCS 2870::CP 1999
UDIN:F002870C000534137

UFLEX LIMITED
CIN: L74899DL1988PLC032166
INDEPENDENT AUDITOR’S REPORT

Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of Uflex Limited (“the Company”), which
comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity, the Cash Flow Statement for the year then ended, notes to the financial
statements including a summary of the significant accounting policies and other explanatory information (hereinafter
referred to as “the Standalone Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone
Financial Statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner
so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) prescribed under
Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the profit
and Other Comprehensive Income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs)
as specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in
the ‘Auditor’s Responsibilities for the Audit of the Standalone Financial Statements’ section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone Financial Statements for the Financial Year ended March 31, 2021. These matters were addressed in the
context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. We have determined the matters described below to be the key audit
matters to be communicated, vide this report:
Key Audit Matter Auditor’s Response

Capitalisation and useful life of Property, Plant and Equipment Our audit procedures included and were not limited to
(PPE) the following:
During the year ended March 31, 2021, the Company has • Examined the management assessment of
incurred capital expenditure on various projects included the assumptions considered in estimation of
in Capital Work-in-progress and intangible assets under technical useful life based on technical evolution;
development. Further, items of PPE that are ready for its
• Examined the useful economic lives with
intended use as determined by the management have
reference to the Company’s historical experience,
been capitalised in the current year. Judgement is involved
intended use and expected number of shifts PPE
to determine that the aforesaid capitalisation meet the
will be used and
recognition requirement under Ind AS - 16 on ‘Property, Plant
and Equipment’, specifically in relation to determination of • Assessed the nature of the additions made to
whether the criteria for intended use as determined by the PPE, intangible assets, Capital Work-in-progress
management has been met. and intangible asset under development on a
test check basis to test whether they meet the
Further, the Company has assessed the useful life of some
recognition criteria as set out in Ind AS - 16 on
of its plant and machinery different from useful life mentioned
‘Property, Plant and Equipment’ and Ind - AS 38
in Schedule-II of the Companies Act, 2013. Assessment of
on ‘Intangible Assets’.
useful life of plant and machinery involves management
judgement, technical assessment, consideration of historical
experiences, anticipated technological changes, intended
use and expected number of shifts PPE will be used etc..

UFLEX LIMITED
CIN: L74899DL1988PLC032166

Revenue Recognition Our audit procedures included and were not limited
to the following:
The Company’s contracts with customers include contracts
encompassing multiple products and services. The Company • Evaluated the detailed analysis performed by
derives revenues from flexible packaging activities, those charged with governance and those acting
Engineering activities and related activities. The Company on their directions, on revenue streams;
assesses the activities promised in a contract and identifies • Evaluated the appropriateness of the disclosures
distinct performance obligations in the contract, where provided under the Ind AS - 115 on ‘Revenue
applicable. Identification of distinct performance obligations from Contracts with Customers’ and assessed
to determine the deliverables and the ability of the customer the completeness of the relevant disclosures;
to benefit independently from such deliverables involves
significant judgement. • Evaluation and testing of the design and
operating effectiveness of the relevant business
process controls, inter-alia controls over the
capture, measurement, and authorisation of
revenue transactions ;
• Evaluated the agreements with the customers
to identify the distinct performance obligations,
where applicable, the transaction price, and its
allocation to the performance obligations in the
contract, and the classification of the contract for
the basis of revenue recognition in accordance
with Ind AS - 115 and
• Evaluated the treatment accorded and
disclosures by the company for sales returns,
trade discounts, rate differences, volume rebates
and other factors, having bearing on revenue
recognition.
Information Other than the Standalone Financial Statements and Auditor’s Report Thereon
The Company’s Management and its Board of Directors are responsible for the preparation of the other information.
The other information comprises the information included in the Company’s Annual Report, but does not include the
Standalone Financial Statements and our auditor’s report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial
Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibility of the Management for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, changes in equity and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under
Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the Standalone Financial
Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure A”, a statement on the matters specified in paragraphs 3
and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit;
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement
of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the relevant
books of account;

UFLEX LIMITED
CIN: L74899DL1988PLC032166
d. In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section
133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
e. On the basis of the written representations received from the directors as on March 31, 2021 taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 2021 from being appointed as a
director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls
over financial reporting;
g. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid by the Company to its directors during the year is in accordance with the provisions of Section 197, read
with Schedule V of the Act.
h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and
according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations on its financial position in its Standalone
Financial Statements- Refer Note No. 33(A) & 33(C) to the Standalone Financial Statements;
ii. The Company did not have any long-term contracts, including derivative contracts, for which there were any
material foreseeable losses and;
iii. According to the information and explanations given to us, there was no delay in transferring amounts,
required to be transferred, to the Investor Education and Protection Fund by the Company.
For KAAP & Associates,
ICAI Firm’s Regn. No.: 019416N
CA. Deepak Sehgal

Partner
Place : NOIDA, Membership No. 085391
Dated : June 29, 2021 UDIN: 21085391AAAAAG8113
ANNEXURE-A TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under “Report on Other Legal and Regulatory Requirements” Section of our report to the
members of Uflex Ltd. (“the Company”), of even date)
1. In respect of Fixed Assets (Property, Plant and Equipment, Capital Work in Progress, Investment Property and
Other Intangible Assets, including those under development) of the Company:
a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets;
b) The Fixed Assets have been physically verified by the management at reasonable intervals and no material
discrepancies were noticed on such physical verification;
c) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the title deeds of immovable properties are held in the name of the Company.
2. The inventory has been physically verified during the year by the management, at reasonable intervals and the
discrepancies noticed on such physical verification of inventory, as compared to book records were not significant
and were properly dealt with in the books of account.
3. In respect of interest-bearing unsecured loans granted, during the year, by the Company to its Indian Subsidiary,
covered in the register maintained under Section 189 of the Companies Act, 2013 (“the Act”) :
a) In our opinion and according to the information given to us, the terms and conditions of the loans given by
the Company are prima-facie, not prejudicial to the interest of the Company;

UFLEX LIMITED
CIN: L74899DL1988PLC032166
b) The terms for repayment of principal and payment of interest have been stipulated; however, repayment of
principal amount and interest has not started till the date of the Balance Sheet, as per the stipulated terms;
c) There is no overdue amount, in respect of both principal and interest.
Further, in respect of interest-bearing unsecured loans granted to: (i) The Indian Subsidiary, as referred above,
outstanding at the beginning of the year, principal, along with interest, has been recovered during the year, as
per modified terms, which were, prima-facie, not prejudicial to the interest of the Company and (ii) A Joint venture
entity, outstanding at the beginning of the year, terms of repayments have been modified, which are, prima-facie,
not prejudicial to the interest of the Company.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the
provisions of Section 185 and 186 of the Act, with respect to the loans and investments made, guarantees given
and securities provided.
5. The Company has not accepted any deposits, under the provisions of Sections 73 to 76 or any other relevant
provisions of the Act, and the rules framed there under during the year under report.
6. We have broadly reviewed the cost records maintained by the Company under Section 148(1) of the Act and are
of the opinion that prima- facie the prescribed records have been made and maintained
7. In respect of Statutory dues:
a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employee’s
State Insurance, Income Tax, Custom Duty, Goods and Services Tax (GST), Cess and other applicable
statutory dues have been generally deposited regularly with the appropriate authorities.
b) According to the information and explanations given to us, there are no dues of custom duty, which have
not been deposited on account of any dispute. However, following amount are involved (Gross of amount
deposited under protest, if any) with under-mentioned forums, in respect of the disputed statutory dues:
Name of Statute Nature of Amount Period to which it pertains Forum where dispute
Dues (Rs. in lacs) (all or some years, in case of is pending
block)
The Central Sales Sales tax and 775.20 AY 2008-09 and AY2010-11 High Courts
Tax Act, 1956 and VAT 215.97 AY 2009-10 to AY 2015-16 Tribunal
concerned Value
56.44 AY 2015-16 and AY 2016-17 Appellate Authority
Added Tax Laws
318.73 AY 2015-16 and AY 2017-18 DC (Appeal)
Total 1366.34
The Income-tax Act, Income-tax 80.31 AY 2002-03 and AY 2003-04 High Court
1961 873.32 AY 2004-05 to AY 2013-14 ITAT
68.91 AY 2016-17 CIT(A)
116.94 AY 2017-18 Assessing Authorities
Total 1139.48
The Central Excise Excise Duty 2003.51 2012-13 to 2015-16 Tribunal
Act, 1944 2425.16 1997-98 to Commissioner (Appeals)
2016-17
339.93 1997-98 to 2017-18 AC/DC/JC
50.76 1998-99 to 2006-07 High Court
7.73 1996-97 Supreme Court
Total 4827.09
The Finance Act, Service Tax 54.86 2006-07 Commissioner (Appeals)
1994 6.34 2006-07 AC/DC
Total 61.20
Laws on Goods and Goods and 29.69 2017-18 to 2019-20, JC/ADC(A)
Services Tax Services Tax
Total 29.69
8. Based on the audit procedure and according to the information and explanation given to us, we are of the opinion
that the Company has not defaulted in repayment of loans or borrowings to banks and financial institution and has

UFLEX LIMITED
CIN: L74899DL1988PLC032166
availed the relaxation provided by the Reserve Bank of India, on deferment of installments (including interest) of all
loans outstanding as of March 01, 2020, for a period of six months from March 01, 2020, to August 31, 2020. Also,
the Company, does not have any loans and borrowings from government and has not issued any debentures.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments).
The term loans raised during the year have been applied for the same purpose for which the loans were obtained.
10. According to the information and explanations given to us, no material fraud by the Company or on the Company
by its officers or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations given to us and based on our examination of the records of the
Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197, read with Schedule V to the Act.
12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company.
Accordingly, paragraph 3(xii) of the Order is not applicable.
Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where
applicable and details of such transactions have been disclosed in the Standalone Financial Statements, as
required by the applicable Ind AS.
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year.
Company, the Company has not entered into any non-cash transactions with directors or persons connected with
them as referred to in Section 192 of the Act. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,1934.
CA. Deepak Sehgal

Partner
ANNEXURE-B TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2(f) under “Report on Other Legal and Regulatory Requirements” section of our report to the
members of Uflex Ltd. (“the Company”) of even date)
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of sub-Section 3 of Section
143 of the Companies Act, 2013 (‘the Act’)
We have audited the internal financial controls over financial reporting of Uflex Limited (‘the Company’) as of March
31, 2021, in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on
that date.
Management’s Responsibility for Internal Financial Controls
The Company’s Management is responsible for establishing and maintaining internal financial controls based on the
internal control over financial reporting criteria established by the Company considering the essential components
of internal control stated in the “Guidance Note on Audit of Internal Financial Controls over Financial Reporting” (the
‘Guidance Note’), issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Act.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based
on our audit.
We conducted our audit in accordance with the Guidance Note issued by the ICAI and the Standards on Auditing
prescribed under Section 143 (10) of the Act, to the extent applicable to an audit of Internal Financial Controls. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of Standalone Financial Statements for external
purposes in accordance with the Ind AS and other accounting principles generally accepted in India. A company’s internal
financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
Standalone Financial Statements in accordance with the Ind AS and other accounting principles generally accepted
in India and that receipts and expenditures of the Company are being made only in accordance with authorizations of
the Management and Directors of the Company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on
the Standalone Financial Statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all
material respects, an adequate internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2021, based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated
in the Guidance Note issued by the ICAI.
CA. Deepak Sehgal

Partner

UFLEX LIMITED
CIN: L74899DL1988PLC032166
BALANCE SHEET AS AT 31ST MARCH 2021

(Rs. in Lacs)
Particulars Note As At As At
No. 31st March 2021 31st March 2020
I ASSETS
Non-Current Assets
a) Property, Plant and Equipment 2A 189592.32 195185.18
b) Capital Work-in-Progress 6249.22 2496.36
c) Investment Property 2B 1221.87 1341.67
d) Other Intangible assets 2C 2958.75 3067.46
e) Right of Use Assets 2D 4000.46 2311.79
f) Intangible assets under development 835.40 367.70
g) Financial Assets
i) Investments 3 46314.31 46185.94
ii) Loans 4 1874.80 1578.55
iii) Other Non-Current Financial Assets 5 28.29 82.90
h) Other Non-Current Assets 6 11263.14 5831.38
Total Non-Current Assets 264338.56 258448.93
Current Assets
a) Inventories 7 51243.10 48146.33
b) Financial Assets
i) Trade receivables 8 133849.79 111443.37
ii) Cash and cash equivalents 9A 18075.89 3955.37
iii) Bank Balances other than (ii) above 9B 1985.83 2756.37
iv) Loans 10 1240.13 1947.54
v) Other Financial Assets 11 2905.94 238.17
c) Other Current Assets 12 18334.96 15090.64
Total Current Assets 227635.64 183577.79
TOTAL ASSETS 491974.20 442026.72
II EQUITY AND LIABILITIES
Equity
a) Equity Share Capital 13 7221.15 7221.15
b) Other Equity 14 240414.23 218738.57
Total Equity 247635.38 225959.72
Liabilities
Non-Current Liabilities
a) Financial Liabilities
i) Borrowings 15 63946.01 63671.43
ii) Lease Liabilities 3621.02 1629.19
iii) Other Financial Liabilities 16 1365.09 1256.58
b) Provisions 17 1780.70 1838.39
c) Deferred Tax Liabilities (Net) 18 11868.62 5914.38
Total Non-Current Liabilities 82581.44 74309.97
Current Liabilities
i) Borrowings 19 39109.76 46819.78
iii) Trade payables 20
- Total outstanding dues of Micro, Small & Medium 1497.21 989.55
enterprises
- Total outstanding dues of creditors other than Micro, 75331.14 62697.62
Small & Medium enterprises
iv) Other Financial Liabilities 21 30956.98 18273.36
b) Other current Liabilities 22 7908.45 7403.50
c) Provisions 23 2110.18 2225.93
d) Current Tax Liabilities (Net) 24 4266.12 2552.17
Total Current Liabilities 161757.38 141757.03
TOTAL EQUITY AND LIABILITIES 491974.20 442026.72
The accompanying Notes from S.No. 1 to 48 form an Integral Part of the Standalone Financial Statements.
For and on behalf of the Board of Directors This is the Balance Sheet referred
to in our report of even date
attached
Rajesh Bhatia Jagmohan Mongia Ashok Chaturvedi For KAAP & Associates
Group President Whole-time Director Chairman & Managing Director Chartered Accountants
(Finance & Accounts) & CFO DIN 09051022 DIN 00023452 Firm’s Registration No.: 019416N
Rakesh Malhotra Ajay Krishna Deepak Sehgal

Asst. Vice President Sr.Vice President (Legal) & Partner
(Corp. Accounts) Company Secretary M.No.: 085391
Place : NOIDA

UFLEX LIMITED
CIN: L74899DL1988PLC032166
STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH 2021
(Rs. in Lacs)
Particulars Note No. For the Year Ended For the Year Ended
31st March 2021 31st March 2020
INCOME:
Revenue from Operations
Gross Revenue from Sale of Products & Services 25 (A) 491853.19 436934.68
Less : Inter unit Revenue from Sale of Products & Services 44590.91 41547.69
Net Revenue from Sale of Products & Services 447262.28 395386.99
Other Operating Income 25 (B) 16244.27 11584.11
Revenue from Operations 463506.55 406971.10
Other Income 26 2034.20 8264.81
Total Income 465540.75 415235.91
EXPENSES:
Cost of materials consumed 27 263227.81 248261.52
Purchase of Stock-in-Trade 1716.19 988.17
Changes in inventories of finished goods, work-in-progress and Stock- 28 5856.47 (8160.53)
in-Trade
Employee benefits expense 29 45917.10 46193.32
Finance costs 30 15228.18 17289.14
Depreciation and amortization expense 25964.72 26136.24
Other expenses 31 74792.28 67455.18
Expenses Allocated to Self Constructed Assets 32 (2571.48) (1143.69)
Total Expenses 430131.27 397019.35
Profit Before Tax 35409.48 18216.56
Less / (Add) : Tax expense:
- Current tax 7140.00 3902.00
- Deferred tax 5954.24 (21.95)
- Short / (Excess) Provision of Income Tax for earlier years (729.03) 9.94
Profit for the year 23044.27 14326.57
Other Comprehensive Income
Items that will not be reclassified subsequently to Profit or Loss
Remeasurement of the net defined benefit liability / asset (52.75) (918.34)
Fair Value Changes/ Realised of / on Equity Instruments 128.37 (288.50)
Total (Net of Tax) 75.62 (1206.84)
Total Comprehensive Income for the Year 23119.89 13119.73
Earnings Per Equity Share
a) Basic (Rs.) 31.91 19.84
b) Diluted (Rs.) 31.91 19.84
For and on behalf of the Board of Directors This is the Statement of Profit &
Loss referred to in our report of
even date attached

Place : NOIDA

UFLEX LIMITED
CIN: L74899DL1988PLC032166
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED

31ST MARCH 2021
(Rs. in Lacs)
Particulars Equity Other Equity Total
Share
Capital Reserve & Surplus Other Comprehensive
Income
Capital Securities General Retained Equity Remeasure-
Reserve Premium Reserve Earnings Instrument ment of
through Defined
other Benefit
comprehen- Plans
sive Income
Balance as at 7221.15 10377.76 57110.63 20164.05 122426.79 (2265.20) (532.02) 214503.16
1st April 2019
Total Other (288.50) (918.34) (1206.84)
Comprehensive
Income for the Year
(Net of Tax)
Dividend Paid (1663.17) (1663.17)
(Including Dividend
Distribution Tax)
Profit for the Year 14326.57 14326.57
Balance as at 7221.15 10377.76 57110.63 20164.05 135090.19 (2553.70) (1450.36) 225959.72
31st March 2020
Total Other 128.37 (52.75) 75.62
Comprehensive
Income for the Year
(Net of Tax)
Dividend Paid (1444.23) (1444.23)
Balance as at 7221.15 10377.76 57110.63 20164.05 156690.23 (2425.33) (1503.11) 247635.38
31st March 2021
For and on behalf of the Board of Directors This is the Statements of Changes
in Equity referred to in our report of
even date attached

Place : NOIDA

UFLEX LIMITED
CIN: L74899DL1988PLC032166
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2021
(Rs. in Lacs)
For the Year Ended For the Year Ended
31.03.2021 31.03.2020
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 35409.48 18216.56
Adjustment for :
Depreciation & amortisation expense 25964.72 26136.24
Exchange rate fluctuations (Net) (2125.03) (1020.97)
Loss on Sale of Property, Plant & Equipment (Net) 242.74 22.77
Property, Plant & Equipment written Off 69.64 1.57
Gain on sale of Investment Property - (10.19)
(Gain) / Loss on sale of Right to Use Assets (9.54) 1.19
Finance Cost 15228.18 17289.14
Interest received from Banks / others (744.81) (357.99)
Rent Received (944.45) (895.65)
Dividend received on Investments carried at cost (44.03) (58.70)
Dividend received on Investments carried at Fair value through - (3.43)
other comprehensive income
Gain on sale of units of Mutual Funds (Net) (0.26) -
Sundry Credit Balances written Back (171.20) (104.62)
Allowance for Doubtful Trade Receivables Written Back (250.54) (61.36)
Gain on Sale of Investment in Subsidiaries - (6716.55)
Allowance for doubtful Trade Receivables 3208.99 960.11
Sundry Debit Balances / Bad Debts written off 4824.61 45196.27 2731.72 36994.94
Operating Profit before Working Capital changes 80605.75 55211.50
Adjustment for :
Trade Receivables (30018.28) (637.73)
Loans and Other financial assets and other assets (11618.98) (1286.92)
Inventories (3096.77) (9395.80)
Trade payables 13141.18 (81.42)
Other financial liabilities, other liabilities and provisions 14837.59 (16755.26) (9242.57) (20644.44)
Cash generated from operations 63850.49 34567.06
Income Tax (6410.97) (3911.94)
Exchange rate fluctuations 2125.03 (4285.94) 1020.97 (2890.97)
Cash from operating activities before exceptional items 59564.55 31676.09
Exceptional Items (Net of Current Taxes) - -
Net Cash generated from operating activities (A) 59564.55 31676.09
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment, Investment Property & (24433.81) (13897.09)
Intangibles
Sale proceeds of PPE & Intangible etc. 538.03 130.87
Investment in Subsidiaries (Net) - 2152.80
Inflow on Sale of Units of Mutual Funds (Net) 0.26 -
Loans to Employees & Others 33.49 41.77
Loans to subsidiaries (Net) 706.00 (640.00)
Loan to Joint Venture (Net) 1.41 (4.66)
Interest received from Banks / others 744.81 357.99
Rent Received 944.45 895.65
Dividend received on Investments carried at cost 44.03 58.70
Dividend received on Investments carried at Fair value through - 3.43
other comprehensive income
Net Cash used in Investing Activities (B) (21421.33) (10900.54)

UFLEX LIMITED
CIN: L74899DL1988PLC032166
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2021 Contd.
(Rs. in Lacs)
31.03.2021 31.03.2020
C. CASH FLOW FROM FINANCING ACTIVITIES
Dividend Paid (1444.23) (1444.23)
Dividend Distribution Tax - (218.94)
Lease Payments (934.32) (1023.12)
Finance Cost (14979.25) (17027.22)
Borrowings (Net) (7435.44) (2876.95)
Net Cash used in Financing Activities (C ) (24793.24) (22590.46)
Net Increase /(Decrease) in Cash and Cash equivalents (A+B+C) 13349.98 (1814.91)
Cash and Cash equivalents (As per Note No 9)
Opening Cash and Cash equivalents 6711.74 8526.65
Closing Cash and Cash equivalents # 20061.72 6711.74
# Includes Rs. 1985.83 lacs ( Previous Year Rs.2756.37 lacs) in respect of amount lying in unclaimed dividend accounts / margin
money accounts / fixed deposits pledged with as margin for letter of credits, guarantees & bills discounted.
For and on behalf of the Board of Directors This is the Cash Flow Statements
referred to in our report of even
date attached

Place : NOIDA

UFLEX LIMITED
CIN: L74899DL1988PLC032166
NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021
1. COMPANY OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
I. COMPANY OVERVIEW
The Company is a public limited company, domiciled in India and registered with the ROC, Delhi & Haryana
under the Registration number 55-32166 dated 21st June 1988. Old Registration number has been converted
into new Corporate Identification Number (CIN) L74899DL1988PLC032166.
Registered office of the Company is situated at 305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater
Kailash-I, New Delhi- 110 048 and Corporate Office at A-107-108, Sector-4, Noida, Uttar Pradesh-201301.
The Company is a leading Indian Multinational, engaged in the manufacture and sale of flexible packaging
products & offers a complete flexible packaging solution to its customers across the globe.
II. SIGNIFICANT ACCOUNTING POLICIES
A. BASIS OF PREPERATION OF FINANCIAL STATEMENTS
The financial statements of the company have been prepared in accordance with the Indian Accounting
Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules 2015 as amended
from time to time by the Ministry of Corporate Affairs (MCA), the provisions of Companies Act, 2013, and
guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been
consistently applied except where a newly issued Indian Accounting Standard is initially adopted or a
revision to an existing Indian Accounting Standard requires a change in the accounting policy hitherto in
use. Financial statements of the company are prepared under the historical cost convention except for
the certain financial assets and liabilities measured at fair value as mentioned in applicable accounting
policies.
B. USE OF ESTIMATES AND JUDGEMENTS
The preparation of the financial statements is in conformity with Ind AS requires management to make
estimates, judgments and assumptions. These estimates, judgments and assumptions affect the
application of accounting policies and the reported amounts of assets and liabilities, the disclosures of
contingent assets and liabilities at the date of the financial statements and reported amounts of revenues
and expenses during the period. Accounting estimates could change from period to period. Actual results
could differ from those estimates. Appropriate changes in estimates are made as management becomes
aware of changes in circumstances surrounding the estimates.
The estimates and underlying assumptions are reviewed on going concern basis.
Revisions to accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, in the period of the revision and future periods if the revision affects both
current and future.
C. CLASSIFICATION OF EXPENDITURE / INCOME
Except otherwise indicated:
i) All expenditure and income are accounted for under the natural heads of account.
ii) All expenditure and income are accounted for on accrual basis.
D. REVENUES
Revenues from sale of goods and processing
Revenue from the sale of goods and processing of material (Job Work) in the course of ordinary activities
is measured at the value of the consideration received or receivable, net of returns, trade discounts,
rate differences and volume rebates. Revenue is recognized at point of time, which represents transfer
of control to the buyer, recovery of the consideration is probable, the associated costs and possible
return of goods can be estimated reliably, there is no continuing effective control over the goods and the
amount of revenue can be measured reliably. The timing of transfer of control normally happens upon
shipment. However in case of consignment sales to agents revenues are recognized when the materials
are sold to ultimate customers.
Further, revenues are recognized at gross value of consideration of goods & processing of goods
excluding Goods and Service Tax (GST).

UFLEX LIMITED
CIN: L74899DL1988PLC032166
NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
Revenue from Services

Revenue from the service contract is recognized when the related services are performed and revenue
from the services at the end of the reporting period is recognized based on stage of completion method.
When there is uncertainty as to the ultimate collection of the revenue, recognition is postponed until
such uncertainty is resolved. Revenues from service contracts are measured based on the services
performed to date as a percentage of total services to be performed. In case where the services are
performed by an indeterminate number of acts over a specified period of time, revenue is recognized
on a straight line basis over the specified period. After the initial recognition, in respect of uncollectible
amount, provisions are made in the period in which amount is identified as uncollectible.
Interest Income
Interest income is recognized on time apportionment basis. Effective interest method is used to compute
the interest income on long terms loans and advances.
Dividend Income
Dividend income is recognized when the right to receive is established, which is generally when
shareholders approve the dividend.
E. PROPERTY, PLANT AND EQUIPMENT (PPE)
Recognition and measurement:
Property, plant and equipment are initially recognized at cost after deducting refundable purchase taxes
and including the cost directly attributable to bring the asset to the location and conditions necessary for
it to be capable of operating in the manner intended by the management, borrowing cost in accordance
with the established accounting policy, cost of restoring and dismantling, if any, initially estimated by
the management. After the initial recognition the property, plant and equipment are carried at cost less
accumulated depreciation and impairment losses, if any.
Cost of Self-constructed assets is determined using the same principles as for acquired assets after
eliminating the component of internal profits.
Any gain or loss on disposal of an item of property, plant and equipment is recognized in the statement
of profit or loss.
Depreciation on all property, plant & equipment are provided for, from the date of put to use for commercial
production on straight line method at the useful lives prescribed in Schedule-II to the Companies Act,
2013, except for the followings, where the management believes that technical useful lives is different
from those prescribed in Schedule II of the Companies Act, 2013 based on technical evaluation:
Particulars Description
Rotogravure Cylinders & Shims (useful life of 3 Over the useful life as technically specified by the
Years ) management based on the past experience
Continuous process Plant for Packaging Film Over the useful life as technically specified by the
(useful life of 20 Years) management based on the past experience
Identifiable separate components of Plant & Over the useful life as technically specified by the
Equipment (useful life of 3 to 7 years) management based on the past experience
Cost of leasehold land are written off over the primary lease period of the land expect of the leasehold
land, held by the company on the date of transition, which is amortized over the remaining useful lives
of the assets. Freehold land is not depreciated.
The estimated useful lives, residual values and depreciation method are reviewed at each financial year
end and the effect of any change is accounted for on prospective basis.
The carrying amount of the all property, plant and equipment are derecognized on its disposal or when
no future economic benefits are expected from its use or disposal and the gain or loss on de-recognition
is recognized in the statement of profit & loss.
Reclassification to investment property:
When the use of a property changes from owner-occupied to investment property, the property is
reclassified as investment property at its carrying amount on the date of reclassification.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
F. INTANGIBLE ASSETS
Acquired Intangible assets are initially recognized at cost after deducting refundable purchase taxes
and including the transaction cost, if any. After initial recognition, intangibles are carried at cost less
accumulated amortization and impairment losses, if any.
Intangible assets in respect of Product development is created when the technical and commercial
feasibility of the project is demonstrated, future economic benefits are probable, the company has
an intention and ability to complete and use or sell the product / technology and the cost is reliably
measurable. Revenue expenditures pertaining to Research is charged to the statement of profit &
loss. Development costs of products are charged to the statement of profit & loss unless a products
technological and commercial feasibility has been established in which case such expenditure is
capitalized. Subsequent to initial recognition, internally generated intangible assets are reported at cost
less accumulated amortization and accumulated impairment loss, if any.
Intangibles assets are amortized over their respective individual estimated useful lives on a straight line
basis, from the date they are available for use, as per period prescribed in respective license/ agreement
or five years.
Intangible asset is derecognized on disposal or when no future economic benefits are expected from
continuing use or disposal.
The estimated useful lives, residual values and amortization method are reviewed at each financial year
G. INVESTMENT PROPERTIES
Investment properties are initially recognized at cost after deducting refundable purchase taxes and
including the transaction cost, if any. After initial recognition the investment properties are carried at cost
less accumulated depreciation and impairment losses, if any.
Transfer to and from the investment properties are made when and only when, there is change in the
use of the investment property as evidenced by the conditions laid down under the Indian accounting
standard. The carrying amount of the property as on the date of classification is considered as carrying
value of the investment property and vice-versa.
Depreciation on investment properties are provided for from the date of put to use for on straight line
method at the useful lives prescribed in Schedule-II to the Companies Act, 2013.
The carrying amount of the investment properties are derecognized on its disposal or when no future
economic benefits are expected from its use or disposal and the gain or loss on de-recognition is
recognized in the statement of profit & loss.
The estimated useful lives, residual values and depreciation method are reviewed at each financial year
The fair value of the investment properties are disclosed in the notes.
H. INVENTORIES
Inventories of finished goods and work in progress are valued at lower of cost, based on weighted
average method, (except in case of machine manufacturing where specific identification method is
used) arrived after including depreciation/ amortization on plant & machinery, electrical installation, right
to use assets and factory building, repair & maintenance on factory building, and specific manufacturing
expenses including specific payments & benefits to employees or net realizable value.
Raw Materials and other materials including packaging, stores and fuels are valued at lower of cost,
based on first-in-first-out method arrived at after including freight inward and other expenditure directly
attributable to acquisition or net realizable value.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and sales.
I. FINANCIAL INSTRUMENTS
Initial Recognition:
The Company recognizes financial assets and financial liabilities when it becomes a party to the
contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value

UFLEX LIMITED
CIN: L74899DL1988PLC032166
on initial recognition, except for trade receivables/payables and where cost of generation of fair value
exceeds benefits, which are initially measured at transaction price. Transaction costs directly related to
the acquisition or issue of the financial assets and financial liabilities (other than financial assets and
financial liabilities through statement of profit & loss) are added to or deducted from the cost of financial
assets or financial liabilities. Transaction cost directly attributed to the acquisition of financial assets
or financial liabilities at fair value through statement of profit & loss are recognized immediately in the
statement of profit & loss.
Subsequent Recognition:
Non-derivative financial instruments
(i) Financial assets carried at amortized cost: A financial asset is subsequently measured at
amortized cost if it is held within a business model whose objective is to hold the asset in order to
collect contractual cash flows and the contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
(ii) Financial assets at fair value through other comprehensive income: A financial asset is
subsequently measured at fair value through other comprehensive income if it is held within a
business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets and the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
The Company has made an irrevocable election for its investments which are classified as equity
instruments (all being not held for trading), to present the subsequent changes in fair value in other
comprehensive income based on its business model.
Fair value of the listed equity instruments are measured using the rate quoted in the stock
exchange wherein the securities are actively traded as on the last working day of the period of
reporting. In respect of unlisted equity instruments, fair value is determined based on the latest
audited financial statements and considering the open market information available, failing which
it shall be measured at cost.
(iii) Financial assets at fair value through profit or loss: A financial asset which is not classified
in any of the above categories (including investment in units of mutual funds) is subsequently fair
valued through profit or loss.
(iv) Financial liabilities: Financial liabilities are subsequently carried at amortized cost using the
effective interest method, except for contingent consideration recognized in a business combination
which is subsequently measured at fair value through profit and loss. For trade and other payables
maturing within one year from the Balance Sheet date, the carrying amounts approximate fair
value due to the short maturity of these instruments.
(v) Investment in Subsidiaries/Joint ventures / Associates: Investment in subsidiaries / Joint
Ventures / Associates are carried at cost less impairment, if any, in the separate financial
statements. Any gain or losses on disposal of these investments are recognized in the statement
of profit & loss.
J. TRADE RECEIVABLES
Trade receivables represents amount billed to customers as credit sales and are net off; a) any amount
billed but for which revenues are reversed under the relevant Indian accounting standard and b)
impairment for trade receivables, which is estimated for amounts not expected to be collected in full.
K. LOANS AND ADVANCES
Loans and advances are non-derivative financial assets with fixed and determinable payments. This
category includes the loans, other financial assets and other current assets.
Subsequent to initial measurement, loans and receivables are carried at amortized cost based on
effective interest rate method less appropriate allowance for doubtful receivables, if any.
Loans and advances are further classified as current and non-current depending whether they will
realize within 12 months from the balance sheet date or beyond.
L. FINANCIAL LIABILITIES
Financial liabilities are initially recognized at the fair value of the consideration received less directly
attributable transaction cost.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Subsequent to initial measurement, financial liabilities viz borrowings are measured at amortized cost.
The difference in the initial carrying amount of the financial liabilities and their redemption value is
recognized in the statement of profit & loss over the contractual term using the effective interest rate
method.
Financial liabilities are further classified as current and non-current depending whether they are payable
within 12 months from the balance sheet date or beyond.
Financial liabilities are derecognized when the company is discharged from its obligation; they expire,
are cancelled or replaced by a new liability with substantial modified terms.
M. EARNING PER SHARE
Basic Earnings Per Share is computed by dividing the net profit attributable to the equity shareholders
of the company to the weighted average number of Shares outstanding during the period & Diluted
earnings per share is computed by dividing the net profit attributable to the equity shareholders of the
company after adjusting the effect of all dilutive potential equity shares that were outstanding during the
period. The weighted average number of shares outstanding during the period includes the weighted
average number of equity shares that could have issued upon conversion of all dilutive potential.
N. TAXATION
Current Tax
Current tax is expected tax payable on the taxable income for the year, using the tax rate enacted at the
reporting date.
Current tax assets and liabilities are offset where the company has legal enforceable right to offset and
intends either to settle on net basis, or to realize the assets and settle the liability simultaneously.
Deferred Tax Assets and Liabilities
Deferred tax is recognized for all taxable temporary differences and is calculated based on the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes.
Deferred tax is measured at the tax rates that are expected to be applied when the asset is realized or
the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting
date.
Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be
available against which the assets can be utilized. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset.
Current and Deferred Tax for the Year
Current and deferred tax are recognized in the statement of profit & loss, except when they relates to
items that are recognized in other comprehensive income or directly in equity, in which case, the current
tax and deferred tax is recognized directly in other comprehensive income or equity as the case may be.
O. EMPLOYEE BENEFITS
The company provides for the various benefits plans to the employees. These are categorized into
Defined Benefits Plans and Defined Contributions Plans. Defined contribution plans includes the
amount paid by the company towards the liability for Provident fund to the employees provident fund
organization, National Pension Scheme and Employee State Insurance fund in respect of ESI and
defined benefits plans includes the retirement benefits, such as gratuity and paid absences (leave
benefits) both accumulated and non-accumulated.
a. In respect Defined Contribution Plans, contribution made to the specified fund based on the
services rendered by the employees are charged to Statement of Profit & Loss in the year in which
services are rendered by the employee.
b. Liability in respect of Defined Long Term benefit plan is determined at the present value of the
amounts payable determined using actuarial valuation techniques performed by an independent
actuarial at each balance sheet date using the projected unit credit methods. Re-measurement,
comprising actuarial gain and losses, the effects of assets ceiling (if applicable) and the return on
plan assets (excluding interest), are reflected immediately in the statement of Financial Position
with a charge or credit recognized in other comprehensive income in the period in which they occur.
Past Service cost is recognized in the statement of profit & loss in the period of plan amendment.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
c. Liabilities for accumulating paid absences is determined at the present value of the amounts payable
determined using the actuarial valuation techniques performed by an independent actuarial at each
balance sheet date using the projected unit credit method. Actuarial gain or losses in respect of
accumulating paid absences are charged to statement of profit & loss account.
d. Liabilities for short term employee benefits are measured at undiscounted amount of the benefits
expected to be paid and charged to Statement of Profit & Loss in the year in which the related
service is rendered.
P. IMPAIRMENT
Financial assets
The company recognizes the impairment on financial assets based on the expected credit loss model
for the financial assets which are not fair value through statement of profit and loss. Loss allowance on
trade receivables, with no significant financing component is measured at an amount equal to lifetime
expected credit loss. The amount of expected credit losses or reversal that is required to adjust the
loss allowance at the reporting date to the amount that is required to be recognized is recognized as an
impairment gain or loss in the statement of profit and loss for the period.
Intangible assets, investment property and property, plant and equipment
Intangible assets, investment property and property plant & equipment are evaluated for recoverability
wherever events or changes in circumstances indicate that their carrying amount may not be recoverable.
For impairment testing, assets that do not generate independent cash flows are grouped together into
cash generating units (CGUs).
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less
cost to sell and the value in use) is determined on an individual asset basis unless the asset does
not generate cash flows that are largely independent of those from other assets. In such cases, the
recoverable amount is determined for the CGU to which the asset belongs.
If such asset is considered to be impaired, the impairment to be recognized in the statement of profit
and loss is measured by the amount by which the carrying value of the assets exceeds the estimated
recoverable amount of the asset. An impairment loss is reversed in the statement of profit & loss if there
have been changes in the estimates used to determine the recoverable amount. The carrying amount
is increased to its revised recoverable amount, provided that this amount does not exceeds the carrying
amount that would have been determined (net of any accumulated amortization or depreciation) had no
impairment loss has been recognized for the asset in prior years.
Q. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A provision is recognized, if as a result of past event the company has present legal or constructive
obligations that is reasonably estimable and it is probable that an outflow of economic benefits will be
required to settle the obligation.
Contingent liabilities are disclosed for possible obligations arising out of uncertain events not wholly in
control of the company.
Contingent assets are not recognized in the financial statements. However due disclosures are made
in the financial statements for the contingent assets, where economic benefits is probable and amount
can be estimated reliably.
R. FOREIGN CURRENCY TRANSACTIONS
Functional Currency
The Company functional currency is Indian Rupees. The financial statement of the company is presented
in Indian rupees rounded off to nearest lacs.
Transaction and Translations
Transactions in currency other than Indian Rupees are recorded at the rate, as declared by the custom
authority / inter-bank rates, ruling on the date of transaction.
Unsettled Foreign currency denominated monetary assets and liabilities, as at the balance sheet date,
are translated using the exchange rates as at the balance sheet date. The gain or loss resulting from
the translation is recognized in the statement of profit & loss. Non-monetary assets and non-monetary
liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at
the date of the transaction. Non-monetary assets and non-monetary liabilities denominated in foreign

UFLEX LIMITED
CIN: L74899DL1988PLC032166
currency and measured carried at fair value are translated at the date when the fair value is determined.
Transaction gain or losses realized upon settlement of foreign currency transaction are included in
determining the net profit for the period in which transaction is settled.
Exchanges difference arises on settlement / translation of foreign currency monetary items relating to
acquisition of property, plant & equipment till the period they are put to use for commercial production,
are capitalized to the cost of assets acquired and provided for over the useful life of the property, plant
& equipment.
S. LEASES
The Company as a Lessee
The Company’s lease asset classes primarily consist of leases for land, rental properties, equipment
and vehicles. The Company assesses whether a contract contains a lease, at inception of a contract. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. To assess whether a contract conveys the right to
control the use of an identified asset, the Company assesses whether: (i) the contract involves the use
of an identified asset (ii) the Company has substantially all of the economic benefits from use of the
asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a
term of 12 months or less (short-term leases) and low value leases. For these short-term and low-value
leases, the Company recognizes the lease payments as an operating expense on a straight-line basis
over the term of the lease. Certain lease arrangements includes the options to extend or terminate the
lease before the end of the lease term. ROU assets and lease liabilities includes these options when it
is reasonably certain that they will be exercised. The ROU assets are initially recognized at cost, which
comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to
the commencement date of the lease plus any initial direct costs less any lease incentives. They are
subsequently measured at cost less accumulated depreciation and impairment losses. ROU assets are
depreciated from the commencement date on a straight-line basis over the shorter of the lease term
and useful life of the underlying asset. ROU assets are evaluated for recoverability whenever events or
changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose
of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and
the value-in-use) is determined on an individual asset basis unless the asset does not generate cash
flows that are largely independent of those from other assets. In such cases, the recoverable amount is
determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease
payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily
determinable, using the incremental borrowing rates of the Company. Lease liabilities are remeasured with
a corresponding adjustment to the related ROU asset if the Company changes its assessment of whether
it will exercise an extension or a termination option. Lease liability and ROU assets have been separately
presented in the Balance Sheet and lease payments have been classified as financing cash flows.
For Short Term Leases and leases for which underlying asset is of low value, Lease payments are
recognize as an expenses on a straight line basis over a lease term.
The Company as a lessor
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the
terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract
is classified as a finance lease. All other leases are classified as operating leases.
For operating leases, rental income is recognized on a straight line basis over the term of the relevant
lease
T. BORROWING COST
Borrowings cost are interest and other costs (including exchange differences relating to foreign currency
borrowings to the extent they are regarded as an adjustment to interest costs) incurred in connection
with the borrowing of funds. Borrowing cost directly attributable to the acquisition or construction of
qualifying /eligible assets, intended for commercial production are capitalized as part of the cost of such
assets. All other borrowing costs are recognized as an expense in the year in which they are incurred.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
2A: PROPERTY, PLANT & EQUIPMENT (Rs. in Lacs)
Freehold Lease Building Plant & Electrical Office Furniture Vehicles Total
Land Hold Land Equipment Installations Equipment & Fixtures
GROSS CARRYING VALUE
As at 1st April 2019 10.87 14803.69 48870.19 276246.21 8926.83 6303.47 6768.90 3983.35 365913.51
Additions During the Year - - 5276.94 21749.43 537.41 298.26 328.19 109.63 28299.86
Deductions During the Year - - - (2333.40) (2.09) (37.99) (0.33) (453.28) (2827.09)
As at 31st March 2020 10.87 14803.69 54147.13 295662.24 9462.15 6563.74 7096.76 3639.70 391386.28
Additions During the Year - 5398.56 233.18 12592.47 65.54 404.89 152.41 229.93 19076.98
Deductions During the Year - - (6.03) (6316.62) (37.26) (78.49) (37.99) (567.15) (7043.54)
As at 31st March 2021 10.87 20202.25 54374.28 301938.09 9490.43 6890.14 7211.18 3302.48 403419.72
DEPRECIATION / AMORTISATION
As at 1st April 2019 - 499.93 11784.49 146817.81 4690.75 4665.30 4657.81 1944.04 175060.13
Provided for the Year - 170.46 1669.82 20208.72 587.44 513.93 279.76 382.72 23812.85
Deductions During the Year - - - (2270.05) (1.93) (35.16) (0.18) (364.56) (2671.88)
As at 31st March 2020 - 670.39 13454.31 164756.48 5276.26 5144.07 4937.39 1962.20 196201.10
Provided for the Year - 176.48 1684.22 20237.47 600.05 478.74 285.68 357.89 23820.53
Deductions During the Year - - (5.35) (5683.81) (35.24) (74.60) (34.67) (360.56) (6194.23)
As at 31st March 2021 - 846.87 15133.18 179310.14 5841.07 5548.21 5188.40 1959.53 213827.40
NET CARRYING VALUE
As at 31st March 2020 10.87 14133.30 40692.82 130905.76 4185.89 1419.67 2159.37 1677.50 195185.18
As at 31st March 2021 10.87 19355.38 39241.10 122627.95 3649.36 1341.93 2022.78 1342.95 189592.32
Note: Borrowing cost capitalised during the year is Rs. 158.80 Lacs (Previous year Rs. 6.04 lacs).
2B INVESTMENT PROPERTY (Rs. in Lacs)
Freehold Leasehold Building Total

Land Land
As at 1st April 2019 8.57 275.83 4054.02 4338.42
Additions During the Year - - - -
Deductions During the Year - (1.88) - (1.88)
As at 31st March 2020 8.57 273.95 4054.02 4336.54
Deductions During the Year - - - -
As at 31st March 2021 8.57 273.95 4054.02 4336.54
As at 1st April 2019 - 10.69 2862.78 2873.47
Provided for the Year - 3.46 118.02 121.48
As at 31st March 2020 - 14.07 2980.80 2994.87
As at 31st March 2021 - 17.69 3096.98 3114.67
NET CARRYING VALUE
As at 31st March 2020 8.57 259.88 1073.22 1341.67
As at 31st March 2021 8.57 256.26 957.04 1221.87
Note: Fair value of the Investment Properties is Rs 12743.37 Lacs (Previous Year Rs.12843.88 Lacs), as valued by Independent architect and
approved valuer.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
2C OTHER INTANGIBLE ASSETS (Rs. in Lacs)

Software Patent Technical Know How Total
Internally Other Than
Generated Internally
Generated
As at 1st April 2019 2315.22 639.56 2829.28 2646.61 8430.67
Additions During the Year 29.04 - - 20.29 49.33
Deductions During the Year - - - - -
As at 31st March 2020 2344.26 639.56 2829.28 2666.90 8480.00
Additions During the Year 937.09 - - 200.00 1137.09
Deductions During the Year (7.57) - - - (7.57)
As at 31st March 2021 3273.78 639.56 2829.28 2866.90 9609.52
As at 1st April 2019 1786.99 593.49 622.61 1080.07 4083.16
Provided for the Year 252.84 29.22 565.86 481.46 1329.38
Deductions During the Year - - - - -
As at 31st March 2020 2039.83 622.71 1188.47 1561.53 5412.54
Deductions During the Year (6.47) - - - (6.47)
As at 31st March 2021 2336.17 639.53 1754.33 1920.74 6650.77
NET CARRYING VALUE
As at 31st March 2020 304.43 16.85 1640.81 1105.37 3067.46
As at 31st March 2021 937.61 0.03 1074.95 946.16 2958.75
2D RIGHT OF USE ASSETS (Rs. in Lacs)

Leasehold Rental Plant & Vehicles Total
Land Premium Properties Equipment
As at 1st April 2019 - - - - -
Transition Period Recognition on 1st April 2019. 881.78 716.35 307.33 680.97 2586.43
Additions During the Year - 252.80 - 362.71 615.51
Deductions During the Year - - - (24.25) (24.25)
As at 31st March 2020 881.78 969.15 307.33 1019.43 3177.69
Additions During the Year 1,835.23 109.05 503.52 102.13 2549.93
Deductions During the Year - (69.12) - (189.76) (258.88)
As at 31st March 2021 2717.01 1009.08 810.85 931.80 5468.74
As at 1st April 2019 - - - - -
As at 31st March 2020 13.70 440.12 124.76 287.32 865.90
As at 31st March 2021 31.25 741.96 242.11 452.96 1468.28
NET CARRYING VALUE
As at 31st March 2020 868.08 529.03 182.57 732.11 2311.79
As at 31st March 2021 2685.76 267.12 568.74 478.84 4000.46
Breakup of Depreciation and Amortisation charge for the Year:

(Rs. in lacs)
31.03.2021 31.03.2020
Depreciation and Amortisation on:
Property, Plant & Equipment 23820.53 23812.85
Investment Property 119.80 121.48
Other Intangible Assets 1244.70 1329.38
Right to use assets 780.51 872.53
25965.54 26136.24
@Includes Rs. 0.82 Lacs (Previous Year NIL) Charged to Pre-operative Expenses.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
3. INVESTMENTS
PARTICULARS DESCRIP- FACE AS AT 31.03.2021 AS AT 31.03.2020
TION VALUE NUMBER AMOUNT NUMBER AMOUNT
(Rs. in lacs) (Rs. in lacs)
I Measured at Cost (Less Impairment, if
any)
a. Equity Instruments in Subsidiaries
Unquoted
Fully Paid Up
i) IN WHOLLY OWNED SUBSIDIARIES
Flex Middle East FZE,Dubai @ Equity AED 1 107 12672.08 107 12672.08
Million
Uflex Europe Ltd.,UK Equity GBP 1 6087529 5191.02 6087529 5191.02
Uflex Packaging Inc,USA Equity US$ 10 367500 1690.92 367500 1690.92
Flex Chemicals Pvt. Ltd.,Russia Equity RUB 1/- 50000 0.58 50000 0.58
ii) IN OTHER SUBSIDIARIES
UPET Holdings Ltd. Equity US$ 1 22720001 10307.20 22720001 10307.20
USC Holograms Pvt. Ltd. Equity Rs.10/- 40800# 4.08 40800# 4.08
b. Equity Instruments in Associate
Quoted
Fully Paid Up
Flex Foods Ltd. Equity Rs.10/- 5870000 587.00 5870000 587.00
c. Equity Instruments in Joint Venture
UnQuoted
Fully Paid Up
Digicyl Pte. Ltd., Singapore Equity US$ 1 500000 337.50 500000 337.50
Total -3(I) 30790.38 30790.38
II Designated & Carried at Fair value
through Other Comprehensive Income
Equity Instruments
i) Quoted
Fully Paid Up
Ansal Properties & Infrastructure Ltd. Equity Rs.5/- 589910 34.80 589910 20.94
Kothari Products Ltd. Equity Rs.10/- 342900 217.06 342900 117.61
B.A.G.Films Ltd. Equity Rs.2/- 49300 1.01 49300 0.89
Reliance Infrastructure Ltd. Equity Rs.10/- 60000 21.06 60000 6.12
ii) Unquoted
Fully Paid Up
Malanpur Captive Power Ltd. Equity Rs.10/- 635650 - 635650 -
Fair Growth Financial Services Ltd. Equity Rs.10/- 100000 - 100000 -
Vijaya Home Loans Ltd. Equity Rs.10/- 50000 - 50000 -
Total -3(II) 273.93 145.56
III Designated & Carried at Amortised Cost
(Less Impairment, if any)
Preference Shares
Unquoted
Fully Paid Up
Montage Enterprises Private Limited $ Preference Rs. 100/- 15250000 15250.00 15250000 15250.00
7.5% Cummulative, Non-Participative
Redeemable Preference Shares
TOTAL 3 (I+II+III) 46314.31 46185.94

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As at As at
31.03.2021 31.03.2020
Notes:
i) Aggregate amount of Quoted Investments 2974.10 2974.10
ii) Aggregate Market Value of Quoted 4826.12 1906.56
Investments
iii) Aggregate amount of unquoted 45765.55 45765.55
Investments
iv) Aggregate amount of impairment in value
of Investments :
- Quoted 2113.16 2241.53
- Unquoted 312.17 312.17
2425.33 2553.70
v) Investment Carried at Cost 30790.38 30790.38
vi) Investment Carried at Fair Value through 273.93 145.56
vii) Investment Carried at Amortised Cost 15250.00 15250.00
# Including 4 Equity Shares held by nominees, nominated by the Company.

@ Includes 17 Shares of AED 1 Million each pledged to the Commercial Bank of Dubai (CBD) towards the Term Loan Facilities
sanctioned by CBD to Flex Middle East FZE being a wholly owned subsidiary of the Company.
$ These Preference Shares are redemable at par in ten equal annual instalments commencing from the expiry of two years
from the date of allotment, viz. 3rd October 2019 for 12505000 Preference Shares amounting to Rs. 12505 Lacs and 30th
March 2020 for 2745000 Preference Shares amounting to Rs. 2745 Lacs.
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
4: LOANS
(Unsecured, Considered Good)
Security Deposits 1828.43 1519.45
Loans to :
- Employees 76.08 109.57
Less: Current Portion 29.71 46.37 50.47 59.10
TOTAL : 1874.80 1578.55
5: OTHER NON-CURRENT FINANCIAL ASSETS

Balance with Banks in Fixed Deposits Accounts for a 28.29 82.90
period more than 12 Months*
TOTAL : 28.29 82.90
*Pledged with Banks as margin for Letters of Credits, Guarantees and Bills Discounted.
6: OTHER NON-CURRENT ASSETS

Capital Advances 9422.05 4016.75
Deposit with Excise/ GST / Sales Tax Authorities 291.67 326.83
Deposits / Advances with Income Tax Authorities 1549.42 1487.80
TOTAL : 11263.14 5831.38

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
7: INVENTORIES
Raw Materials 29848.54 22037.25
Work-in-Progress 11668.18 16676.09
Finished Goods 3860.10 4765.02
Traded Goods 77.76 21.40
Material-in-Transit :
- Raw Materials 3939.66 2980.39
- Raw Materials (Intra Group) 424.34 556.13
Stores, Packing Material & Fuel 1424.52 1110.05
TOTAL : 51243.10 48146.33
8: TRADE RECEIVABLES
Current- Unsecured
Considered Good 133849.79 111443.37
Having Significant increase in Credit Risk 5970.84 2807.50
Credit Impaired 1083.28 1288.17
Trade Receivables # 140903.91 115539.04
Less : Allowance for bad and doubtful Trade receivables 7054.12 4095.67
TOTAL : 133849.79 111443.37
# Includes due from :
- Subsidiaries 15210.81 5288.28
- Related Parties 5032.20 5332.71
Movements in allowance for bad and doubtful Trade
receivable:
Opening Balance 4095.67 3196.92
(+) Provision made during the year 3208.99 960.11
(-) Amount utilised from provision (250.54) (61.36)
Closing Balance 7054.12 4095.67
9: CASH & BANK BALANCES

A) Cash & Cash Equivalents
Balances with Banks:
- In Current Accounts 10182.69 3550.36
- In Cash Credits Accounts 2271.66 125.48
- In Fixed Deposits Accounts 5521.37 17975.72 - 3675.84
Remittance in transit 33.99 66.83
Cash on hand 15.33 18.30
Cheques on hand 50.85 194.40
Sub-Total (A) 18075.89 3955.37

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
B) Other Bank Balances
- In Fixed Deposits Accounts* 1414.19 2409.95
- In Unclaimed Dividend Accounts 115.90 120.80
- In Margin Money Accounts 455.74 225.62
Sub-Total (B) 1985.83 2756.37
TOTAL (A+B) : 20061.72 6711.74
* Pledged with Banks as margin for Letters of Credits, Guarantees and Bills Discounted.
10: LOANS
Loan to Subsidiary 1185.00 1891.00
Loan to Joint Venture 55.13 56.54
TOTAL : 1240.13 1947.54
Additional Information on Loan to Subsidiary &
Joint Venture:
Name of the Company Rate of Rate of
Interest Interest
USC Holograms Pvt. Ltd.-Subsidiary 10% 1130.00 -
USC Holograms Pvt. Ltd.-Subsidiary 11% 55.00 11% 1891.00
Digicyl Pte. Ltd.(Singapore) -Joint Venture 6.5% 55.13 6.5% 56.54
TOTAL 1240.13 1947.54
11: OTHER FINANCIAL ASSETS

Current Portion of Long Terms Loans given 29.71 50.47
Interest accrued on :
- Loan to Subsidiary 4.52 37.83
- Loan to Joint Venture 8.67 5.22
- Deposits with Banks 80.27 91.18
- Others 19.87 14.42
Other Receivables 2762.90 39.05
TOTAL : 2905.94 238.17
12: OTHER CURRENT ASSETS

Advances recoverable 7502.72 6054.29
Amount recoverable from Subsidiaries 576.40 -
Amount recoverable from Related Parties 22.87 471.96
Balances with Excise /GST / VAT Authorities 10232.97 8564.39
TOTAL : 18334.96 15090.64

UFLEX LIMITED
CIN: L74899DL1988PLC032166
13: SHARE CAPITAL
A AUTHORISED
The Company's authorised Capital is of Rs. 34000.00 Lacs (Previous Year Same) distributed into 1,90,00,000
(Previous Year Same) Preference Shares of Rs.100/- each and 15,00,00,000 (Previous Year Same) Equity Shares
of Rs. 10/- Each.
B ISSUED, SUBSCRIBED & PAID-UP

The Issued and Subscribed Capital of the Company as at 31st March 2021 is of Rs. 7228.42 Lacs, represented
by 72284187 Equity Shares (Including 72701 Equity Shares forfeited) of Rs. 10/- each and the paid-up Capital
as at 31st March 2021 is of Rs.7221.15 Lacs, represented by 7,22,11,486 Equity Shares of Rs. 10/- each . The
reconciliation of the Equity Share Capital of the Company is given as under:
ISSUED & SUBSCRIBED FULLY PAID-UP PARTLY PAID-UP

NUMBER AMOUNT NUMBER AMOUNT NUMBER AMOUNT
(Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs)
Balance as at 1st April 2019 72284187 7228.42 72211486 7221.15 - -
Balance as at 31st March 2020 72284187 7228.42 72211486 7221.15 - -
Amount Originally paid up on the forfeited shares was of Rs. 3.89 Lacs (Previous Year Same).
The Company's Paid-up Capital of 72211486 (Previous Year Same) Equity Shares of Rs. 10/- each, is distributed as under:
AS AT AS AT
31ST MARCH 2021 31ST MARCH 2020
NUMBER % NUMBER %
a) Promoter & Promoter Group 31784239 44.02 31784239 44.02
Of which Shareholders holding More than 5 % of the Paid-up Capital
Flex International Pvt. Ltd. 9197577 12.74 9197577 12.74
Anshika Investments Pvt. Ltd. 5771092 7.99 5771092 7.99
A.R. Leasing Pvt. Ltd. 4994891 6.92 4994891 6.92
Anshika Consultants Pvt. Ltd. 3778524 5.23 3778524 5.23
Apoorva Extrusion Pvt. Ltd. 4323162 5.99 4323162 5.99
b) Public Shareholding * 40427247 55.98 40427247 55.98
i) Institution 4886637 6.77 5183539 7.18
ii) Non- Institution 35540610 49.21 35243708 48.80
*Of which Shareholder holding More than 5 % of the Paid-up Capital
Kebale Trading Ltd. 5465840 7.57 5465840 7.57
Vistra ITCL (India) Ltd. 8548072 11.84 6915878 9.58
C RESTRICTION ON VOTING RIGHTS

The company has only one class of issued equity share capital as on the date of the balance sheet and each holder
of equity share is entitled for one vote per share and right to receive the dividend, if any, declared on the equity
shares.
D DIVIDEND
The Board of Directors of the Company has recommended a final dividend of Rs. 2.50 (Previous Year Rs.2.00) per
share, aggregating to Rs.1805.29 Lacs (Previous Year Rs. 1444.23 Lacs) for the financial year ended 31st March
2021 subject to the approval of the Shareholders in their ensuing Annual General Meeting.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
14: OTHER EQUITY (Rs. in Lacs)

Reserve & Surplus Other Comprehensive Total
Income
Capital Securities General Retained Equity Instru- Remeasure-
Reserve Premium Reserve Earnings ment through ment of De-
other com- fined Benefit
prehensive Plans
Income
Balance as at 1st April 2019 10377.76 57110.63 20164.05 122426.79 (2265.20) (532.02) 207282.01
Total Other Comprehensive (288.50) (918.34) (1206.84)
Income for the year (Net of Tax)
Dividend Paid (Including (1663.17) (1663.17)
Dividend Distribution Tax)
Balance as at 31st March 2020 10377.76 57110.63 20164.05 135090.19 (2553.70) (1450.36) 218738.57
Total Other Comprehensive 128.37 (52.75) 75.62
Income for the Year (Net of Tax)
Dividend Paid (1444.23) (1444.23)
Balance as at 31st March 2021 10377.76 57110.63 20164.05 156690.23 (2425.33) (1503.11) 240414.23
Description of Reserves
Capital Reserve
This includes Rs. 10288.18 Lacs towards amount of warrant application money forfeited by the Company in the past on non
exercise of option by the warrant holders to convert the warrants into Equity Shares and Rs. 89.58 Lacs towards amount received
on Equity Shares Forfeited by the Company in the past.
Securities Premium
Securities Premium was created consequent to issuance of shares at Premium. These reserves can be utilized in accordance
with the provisions of Section 52 of the Companies Act, 2013.
General Reserve
General Reserve was created in accordance with erstwhile Companies Act, 1956 & Rules thereunder by transferring the Surplus
in the Statement of Profit & Loss to the General Reserve, as per the limits laid down thereunder on distribution of Profits to
Shareholders, as dividend. This is a part of free reserve and can be used for the purpose of distribution to Shareholders.
15: BORROWINGS
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
A. Secured
Term Loans :
From Banks 68999.81 54599.05
From a Financial Institution 10855.52 11848.80
79855.33 66447.85
B. Vehicle Loans :
From Banks 137.80 259.53
From Others 162.12 58.11
299.92 317.64
C. Unsecured
From a Financial Institution ~ 5481.82 6100.07
From Related Parties - 250.00
From Bodies Corporate - 1500.00
5481.82 7850.07
Sub- Total (A+B+C) 85637.07 74615.56
Less: Current portion 21691.06 10944.13
TOTAL : 63946.01 63671.43

UFLEX LIMITED
CIN: L74899DL1988PLC032166
The Company is availing the Secured Term Loan Facilities from banks & others. Their repayment terms and other details are given
as under:
(Rs. in Lacs)
Name of the Institution Sanctioned O/s As At Current Long Original Repayment Terms
/ Banks / Others Amount 31/03/2021 Portion Term
PART A: TERM LOANS
IFCI Limited * 15000.00 10873.00 2000.00 8873.00 Repayable in 32 Quarterly Installments commencing from
(11873.00) (1500.00) (10373.00) June 2018, first four installments of Rs. 250.00 Lacs each
and balance 28 installments of Rs. 500.00 Lacs each.
UCO Bank * 20000.00 14703.89 3512.39 11191.50 Repayable in 24 Equal Quarterly Installments of Rs.
(15633.85) (1666.67) (13967.18) 833.33 lacs each commencing from February 2019. Post
Covid Relaxation, repayment schedule has beev revised
effective Nov 20 and balance amount is payable in 18
Equal Quarterly installments of Rs. 878.10 lacs each and
final installments of Rs. 669.00 Lacs
Jammu & Kashmir Bank * 14930.00 14005.49 1,967.20 12038.29 Repayable in 32 Equal Quarterly Installments of Rs.
Ltd. (14463.44) (933.12) (13530.32) 466.56 lacs each commencing from February 2020. Post
effective Nov 20 and balance amount is payable in 30
Equal Quarterly installments of Rs. 491.80 lacs each &
Last installments of Rs. 491.70 Lacs.
State Bank of India * 25000.00 7153.09 5000.00 2153.09 Repayable in 60 Equal Monthly Installments of Rs.
416.67 Lacs each commencing from Oct 2017. However
(9460.81) (2916.67) (6544.14) installments are restricted to the extent of loan availed.
State Bank of India * 15000.00 5404.55 2144.00 3260.55 Repayable in 82 installments, First Installment is of Rs.
(6249.81) (1250.67) (4999.14) 535.71 lacs in Mar 2019 and rest in 81 Equal Monthly
Installments of Rs. 178.67 Lacs each from Apr 2019.
However installments are restricted to the extent of loan
availed.
South Indian Bank * 5000.00 3395.76 754.79 2640.97 Repayable in 28 Quarterly Installments commencing from
(3664.10) (535.80) (3128.30) June 2018. First 27 Equal Quarterly Installments of Rs
178.60 Lacs and last installment of Rs. 177.80 Lacs. Post
effective Sept 20 and balance amount is payable in 20
Equal Quarterly installments of Rs. 188.70 lacs each and
last installments of Rs. 187.90 Lacs.
Woori Bank * 3200.00 - - - Repayable in 12 Equal Quarterly Installments of Rs.
(1066.67) (1066.67) (-) 266.67 Lacs each commencing from May 2018.
Punjab National Bank * 5000.00 3972.70 714.29 3258.41 Repayable in 28 Equal Quarterly Installments of Rs.
(erstwhile Oriental Bank (4285.25) (357.14) (3928.11) 178.57 Lacs each commencing from Apr 2019.
of Commerce)
Woori Bank * $ 6000.00 6000.00 2000.00 4000.00 Repayable in 12 Equal Quarterly Installments of Rs. 500
(-) (-) (-) Lacs each commencing from April 2021.
Indian Bank * $ 10000.00 8208.53 500.00 7708.53 Repayable in 34 Quarterly Installments (First 10
(-) (-) (-) Installments of Rs. 125 Lacs each, next 4 installments of
Rs. 250 Lacs each, next 12 installments of Rs. 375 lacs
each, next 4 installments of Rs. 437.50 lacs each and last
4 installments of Rs. 375 Lacs each) commencing from
March 2021.
Bank of Maharashtra * $ 2500.00 498.69 240.00 258.69 Repayable in 26 Quarterly Installments ( first 9
(-) (-) (-) installments of Rs. 60 lacs Each, next 8 installments of
Rs. 100 Lacs, next 8 installments of Rs. 125 Lacs each
and final installments of Rs. 160 Lacs) each commencing
from March 2021.
Qatar National Bank * $ 4000.00 4000.00 - 4000.00 Repayable in 16 Equal Quarterly Installments of Rs. 250
(-) (-) (-) Lacs each commencing from June 2022.
Canara Bank * 875.00 777.78 583.33 194.45 Repayable in 18 Equal Monthly Installments of Rs. 48.61
@ (-) (-) (-) Lacs each commencing from February 2021.
Punjab National Bank * 260.00 216.68 173.28 43.40 Repayable in 18 Equal Monthly Installments of Rs. 14.44
@ (-) (-) (-) Lacs each commencing from January 2021.
Punjab National Bank * 190.00 147.78 126.67 21.11 Repayable in 18 Equal Monthly Installments of Rs. 10.56
(erstwhile Oriental Bank @ (-) (-) (-) Lacs each commencing from December 2020.
of Commerce)
State Bank of India * 598.91 432.24 400.00 32.24 Repayable in 18 Equal Monthly Installments of Rs. 33.33
@ (-) (-) (-) Lacs each commencing from November 2020.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
Name of the Institution Sanctioned O/s As At Current Long Original Repayment Terms
/ Banks / Others Amount 31/03/2021 Portion Term
Union Bank of India * 270.00 225.00 180.00 45.00 Repayable in 18 Equal Monthly Installments of Rs. 15.00
@ (-) (-) (-) Lacs each commencing from January 2021.
Bank of India * 183.00 164.70 138.71 25.99 Repayable in 18 Equal Monthly Installments First 6
@ (-) (-) (-) installments of Rs. 4.58 Lacs and rest 12 installments of
Rs. 12.96 Lacs each commencing from December 2020.
Less: Adjustment 324.55 126.35 198.20
for Transaction Cost (249.08) (84.54) (164.54)
(Pending Amortisation)
Sub Total: A 79855.33 20308.31 59547.02
Previous Year (66447.85) (10142.20) (56305.65)
PART B: VEHICLE LOANS
Jammu & Kashmir Bank # 239.00 - - - Repayable in 60 Equal Monthly Installments of Rs. 5.23
Ltd. (49.71) (49.71) (-) Lacs each commencing from January 2016 including
interest amount.
Jammu & Kashmir Bank # 26.40 20.44 5.01 15.43 Repayable in 60 Equal Monthly Installments of Rs. 0.55
Ltd. (25.30) (4.60) (20.70) Lacs each commencing from January 2020 including
interest amount.
HDFC Bank Limited # 66.00 9.42 9.42 - Repayable in 48 Equal Monthly Installments of Rs. 1.61
(27.18) (17.77) (9.41) Lacs each commencing from October 2017 including
interest amount.
HDFC Bank Limited # 17.00 15.59 3.00 12.59 Repayable in 60 Equal Monthly Installments of Rs. 0.35
(-) (-) (-) Lacs each commencing from October 2020 including
interest amount.
YES BANK LIMITED # 130.00 36.35 36.35 - Repayable in 48 Equal Monthly Installments of Rs. 3.17
(69.81) (33.46) (36.35) Lacs each commencing from April 2018 including interest
amount.
YES BANK LIMITED # 128.00 56.00 34.45 21.55 Repayable in 48 Equal Monthly Installments of Rs. 3.17
(87.53) (31.53) (56.00) Lacs each commencing from November 2018 including
interest amount.
Toyota Financial # 100.95 - - - Repayable in 47 Equal Monthly Installments of Rs. 2.49
Services India Limited (14.42) (14.42) (-) Lacs each commencing from November 2016 including
interest amount.
Toyota Financial # 58.55 - - - Repayable in 36 Equal Monthly Installments of Rs. 1.83
Services India Limited (13.68) (13.68) (-) Lacs each commencing from October 2017 including
interest amount.
Toyota Financial # 17.00 14.41 5.44 8.97 Repayable in 36 Equal Monthly Installments of Rs. 0.53
Services India Limited (-) (-) (-) Lacs each commencing from October 2020 including
interest amount.
Daimler Financial # 69.00 11.50 11.50 - Repayable in 48 Equal Monthly Installments of Rs. 1.69
Services India Pvt. Ltd (30.01) (18.50) (11.51) Lacs each commencing from November 2017 including
interest amount.
Daimler Financial # 72.00 68.10 16.34 51.76 Repayable in 48 Equal Monthly Installments of Rs. 1.74
Services India Pvt. Ltd Lacs each commencing from January 2021 including
interest amount.
(-) (-) (-)
Daimler Financial # 72.00 68.11 16.34 51.77 Repayable in 48 Equal Monthly Installments of Rs. 1.74
Services India Pvt. Ltd (-) (-) (-) Lacs each commencing from January 2021 including
interest amount.
Sub Total: B 299.92 137.85 162.07
Previous Year (317.64) (183.67) (133.97)
Total (A+B) 80155.25 20446.16 59709.09
Previous Year (66765.49) (10325.87) (56439.62)
Previous Year figures have been given in brackets.
* These are secured a) on pari passu basis by way of hypothecation of specific movable properties of the Company (save and except book debts), both
present & future, subject to prior charges created and / or to be created in favour of Company's bankers for working capital facilities, b) by first pari
passu equitable mortgage of specific immovable properties of the Company situated at Malanpur (M.P.), Jammu (J & K), NOIDA (U.P.) and Sanand
(Gujarat) and c) by guarantee of Chairman & Managing Director of the Company. These are further secured by way of second pari passu charge on
the current assets of the Company.
$ In respect of these loans charge by way of first pari passu equitable mortgage of specific immovable properties is yet to be created.
@ In respect of these Loans, charge by way of Second pari passu equitable mortgage of specific immovable properties is yet to be created.
# Vehicle Loans are secured by way of hypothecation of Specific Vehicles of the Company.
~ These are secured by a) exclusive first charge by way of hypothecation of Specific aircrafts owned by M/s A.R. Airways Pvt. Ltd., b) corporate
guarantee of A.R. Airways Pvt. Ltd. and c) guarantee of Chairman & Managing Director of the Company.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
16: OTHER FINANCIAL LIABILITIES
Securities Received 1174.09 807.29
Retention Money 191.00 449.29
TOTAL : 1365.09 1256.58
17: PROVISIONS
Leave Encashment 1780.70 1838.39
TOTAL : 1780.70 1838.39
18: DEFERRED TAX LIABILITIES (NET)

Add / (Less) : Provision of Deferred Tax charge / (Credit) for the year 5954.24 (21.95)
TOTAL : 11868.62 5914.38
The Cumulative Tax effects of significant temporary differences, that resulted in Deferred Tax Asset & Liabilities
and description of item thereof that creates these differences are as follows :
(Rs. in Lacs)
Deferred Tax Current Year Deferred Tax
Assets / (Charge) / Assets /
(Liabilities) Credit (Liabilities)
As At 01.04.2020 As At 31.03.2021
Deferred Tax Assets
Other than unabsorbed depreciation & carry 2629.04 1244.10 3873.14
forward of losses.
Unutilised Tax Credit 7354.70 (7354.70) -
Total (A) 9983.74 (6110.60) 3873.14
Deferred Tax Liabilities
Excess of Book WDV of Fixed Assets over Tax (15898.12) 156.36 (15741.76)
WDV of Fixed Assets
Total (B) (15898.12) 156.36 (15741.76)
Net Deferred Tax (Liability) (A-B) (5914.38) (5954.24) (11868.62)
A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to
the income before income taxes is summarised as below:
Particulars For the Year Ended For the Year Ended
31.03.2021 31.03.2020
Profit before income taxes (Rs in Lacs) 35409.48 18216.56
Average Tax Rate Applicable 34.94% 34.94%
Computed Tax Rate 36.98% 21.30%
Capital Gain 0.0% 4.3%
Effect of unused tax credit -2.28% -0.21%
Others 0.00% 8.71%
Effects of non-deductible expenses -0.56% -0.74%
Additional deduction 0.80% 1.58%
34.94% 34.94%

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Income Tax Expense in the Total Comprehensive Income represents: (Rs. in Lacs)
Particulars For the Year Ended For the Year Ended
31.03.2021 31.03.2020
In Statement of Profit & Loss
- Current tax 7140.00 3902.00
- Deferred tax 5954.24 (21.95)
Total 12365.21 3889.99
19: BORROWINGS
Secured
Working Capital Facilities From Banks 29194.91 34003.97
Unsecured
From Banks 1652.85 913.81
From Others 8262.00 10727.00
TOTAL : 39109.76 46819.78
Working capital facilities from banks are secured a) on first pari passu basis, by way of hypothecation of stock of
raw materials, semi-finished goods, finished goods and book debts of the Company, both present and future, b) by
way of second pari passu charge on specific fixed assets of the Company, situated at Malanpur (M.P.), Jammu (J
& K), NOIDA (U.P.) and Sanand (Gujarat), and c) by guarantee of Chairman & Managing Director of the Company.
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
20: TRADE PAYABLES
Suppliers:
Total outstanding dues of creditors other than Micro, Small & 59532.13 48247.51
Medium enterprises and Related Parties
Total outstanding dues of Micro, Small & Medium enterprises * 1497.21 989.55
Due to Related Parties 15799.01 14450.11
TOTAL : 76828.35 63687.17
* The details of amounts outstanding to Micro, Small and Medium Enterprises, as identified by the management,
under the Micro, Small and Medium Enterprises Development Act,2006 (MSMED Act) are as under :
(Rs. in Lacs)
S. Particulars As at As at
No. 31.03.2021 31.03.2020
1 Principal amount due and remaining unpaid 7.25 84.40
2 Interest due on (1) above and the unpaid interest - 7.79
3 Interest paid on all delayed payment under the MSMED Act 0.19 6.99
4 Payment made beyond the appointed day during the year 399.01 627.46
5 Interest due and payable for the period of delay other than (3) above 3.46 7.03
6 Interest accrued and remaining unpaid Nil Nil
7 Amount of further interest remaining due and payable in Nil Nil
succeeding years

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
Current Maturities of Long Term Borrowings 21691.06 10944.13
Capital Creditors 4014.59 1598.41
Interest Accrued but not due on Loans
- From a Related Party - 60.47
- From Others 98.23 494.28
Interest Accrued but not due on Term Loans
- From Banks 125.05 487.11
- From Financial Institutions 91.48 100.58
Unclaimed Dividend* 115.90 120.80
Due to Employees 3254.96 2110.36
Others Payable 1565.71 2330.46
Book Overdraft - 26.76
TOTAL : 30956.98 18273.36
* These figures do not include any amount, due and outstanding, required to be transferred to Investor Education
and Protection Fund.
22: OTHER CURRENT LIABILITIES

Advances from Customers 5486.67 4953.46
Advances from Subsidiaries 735.10 1411.28
Advances from a Related Party 371.14 -
Statutory Dues 1315.54 1038.76
TOTAL : 7908.45 7403.50
23: PROVISIONS
Staff Benefits 1388.12 1554.40
Warranty 69.85 28.97
TOTAL : 2110.18 2225.93
24: CURRENT TAX LIABILITIES (NET)

Current Income Tax (Net) 4266.12 2552.17
TOTAL : 4266.12 2552.17
(Rs. in Lacs)
31.03.2021 31.03.2020
25: REVENUE FROM OPERATIONS
A. i) REVENUE FROM SALE OF PRODUCTS
Gross Sales 485998.67 429277.45
Less : Inter Unit Sales 42006.91 39137.02
443991.76 390140.43
ii) REVENUE FROM SALE OF SERVICES
a. Gross Job work / Services Rendered 5485.52 5497.85
Less : Inter Unit Job Work 2584.00 2410.67
2901.52 3087.18
b. Technical Fees 369.00 3270.52 2159.38 5246.56
TOTAL (A) : 447262.28 395386.99

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
31.03.2021 31.03.2020
B. OTHER OPERATING INCOME

Scrap Sales 4914.91 3200.81
Packing,Forwarding and Insurance 710.10 455.73
Recoveries
Exchange Rate Fluctuation (Net) 2125.03 1020.97
Export Incentive 2931.59 2540.68
GST Refund 3923.80 3705.53
Miscellaneous Operating Income 93.04 136.82
Sundry Credit Balances Written Back 171.20 104.62
Support Fees 1374.60 418.95
TOTAL (B) : 16244.27 11584.11
TOTAL (A+B): 463506.55 406971.10
26: OTHER INCOME

Gain on Disposal of Investments (Net)
- In Subsidiaries Carried at Cost - 6716.55
Gain on disposal of Right to Use Assets 9.54 -
Gain on Sale of Investments
- On Units of Mutual Funds 0.26
Gain on sale of Investment Property - 10.19
Miscellaneous Income 291.11 222.30
Interest :
- from Banks 404.13 176.22
- from Others 340.68 181.77
Investment Income:
- Dividend received on Investments carried at cost 44.03 58.70
- Dividend received on Investments carried - 3.43
at Fair value through other comprehensive
income
TOTAL : 2034.20 8264.81
27: COST OF MATERIALS CONSUMED

Opening Stock 22593.38 20840.46
Add : Purchases 312392.14 288771.37
334985.52 309611.83
Less : Inter Unit Purchases 41484.83 38756.93
293500.69 270854.90
Less : Closing Stock 30272.88 263227.81 22593.38 248261.52
TOTAL : 263227.81 248261.52

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
31.03.2021 31.03.2020
28: CHANGE IN INVENTORIES OF FINISHED
GOODS, WORK -IN-PROGRESS AND
STOCK-IN-TRADE
Opening Stock :
Stock-in-Trade 21.40 5.54
21462.51 13301.98
Less: Closing Stock :
15606.04 21462.51
TOTAL : 5856.47 (8160.53)
29: EMPLOYEE BENEFITS EXPENSE

Salaries,Wages,Bonus,Benefits and Amenities 43069.58 43372.10
Contribution to Provident Fund and Other Funds 1761.59 1803.09
Employee Welfare Expenses 1085.93 1018.13
TOTAL : 45917.10 46193.32
30: FINANCE COSTS

Interest
- On Loans for Fixed Period 9800.58 11339.07
- On Other Loans / Liabilities 3391.11 3940.48
- On Lease Liabilities 248.93 261.92
- On Shortfall in payment of Advance Tax 253.00 13693.62 132.00 15673.47
Discounting & Financial Charges 1534.56 1615.67
TOTAL : 15228.18 17289.14
31: OTHER EXPENSES

A. OTHER MANUFACTURING EXPENSES
Power & Fuel Consumed 18385.10 19227.39
Repair & Maintenance-Machinery 7275.61 6255.81
Stores Consumed 3935.70 3551.66
Tools, Jigs & Dies 234.13 234.55
Packing Material Consumed 8539.04 7923.85
Flexo Plates / Processing Charges for 4200.77 3930.06
Cylinders
Less : Inter Unit Charges 3106.07 2790.76
1094.70 1139.30
Design & Development Charges 6.99 27.79
Job Work Charges 1120.67 1214.42
Royalty Expenses 457.56 318.26
R & D Charges 165.03 136.98
TOTAL (A) : 41214.53 40030.01

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
31.03.2021 31.03.2020
B. ADMINISTRATIVE, SELLING & OTHER
EXPENSES
Short Term Leases 602.52 597.78
Leases of Low Value 15.44 10.90
Rates & Taxes 118.05 98.46
Insurance charges 998.41 673.03
Electricity & Water charges 415.06 421.21
Printing & Stationery 213.36 218.06
Postage & Telephone Expenses 335.31 390.42
Vehicle Running & Maintenance Expenses 320.60 381.03
Conveyance & Travelling Expenses 1079.51 3595.43
Repair & Maintenance :
- Building 1159.42 843.43
- Others 2722.82 1895.84
Legal & Professional Charges 1622.94 1460.42
Directors' sitting fees 30.00 26.50
General Expenses 2615.95 3180.62
Commission on Sales 420.86 332.35
Advertisement & Publicity 406.93 659.75
Entertainment Expenses 174.03 453.54
Charity & Donation 94.70 19.27
Corporate Social Responsibility Expenditure 217.99 68.90
Freight & Forwarding charges 10953.78 7953.59
Loss on Sale of Property, Plant & 242.74 22.77
Equipment (Net)
Loss on Sale of Right to Use Assets - 1.19
Allowance for bad and doubtful Trade 3208.99 960.11
Receivables
Amount utilized from allowance for bad and (250.54) (61.36)
doubtful Trade Receivables
Sundry Debit Balances / Bad Debts written off 4824.61 2,731.72
Quality Claims 964.63 488.64
TOTAL (B) : 33577.75 27425.17
TOTAL : (A+B) 74792.28 67455.18
Additional Disclosure in respect of
Investment Properties, that generated
rental income;
Insurance 24.47 3.16
- Building 22.86 17.64
Finance Cost on Lease Liabilities 1.96 1.96
Amortization of Right to Use Assets 0.28 0.28
49.57 23.04

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
31.03.2021 31.03.2020
32: EXPENSES ALLOCATED TO SELF
CONSTRUCTED ASSETS
Cost of Material Consumed 1585.38 353.59
Employee Benefits Expense 499.31 449.82
Depreciation and amortisation expense 134.03 92.89
Other Expenses 352.76 247.39
TOTAL : 2571.48 1143.69
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
33: CONTINGENT LIABILITIES NOT PROVIDED FOR IN
RESPECT OF
A i) Show cause notice / demands of Excise Authorities in 4888.29 5435.79
respect of Excise Duty & Service Tax not acknowledged by
the Company and are contested / appealed / replied.
ii) Show cause notice / demands of Goods & Services Tax 29.69 17.93
(GST) Authorities in respect of GST not acknowledged by
the Company and are contested / appealed / replied.
iii) Additional demands raised by the Income Tax Department, 1139.48 1129.48
which are under rectification & appeal
iv) Additional demands raised by the Sales Tax Department, 1366.34 1397.96
which are under rectification & appeal
v) Amount demanded by the erstwhile workers of the 15.92 15.92
Company and are pending in labour Court
vi) Claims against the Company/disputed liabilities not 439.90 439.90
acknowledged as debt.
vii) Demand raised by the Concerned Development corporation 62.69 62.69
on surrender of unutilised Industrial Leasehold Land.
viii) Demands raised by the Electricity Departments, which are 364.29 509.52
paid and protested or under appeal
B i) Guarantees issued by Banks 3317.97 2763.62
ii) Corporate Guarantees issued for facilities taken by 33148.50 77498.90
subsidiaries from Banks
iii) Import duty obligations on outstanding export commitment 43555.20 28907.50
under Advance Licence / EPCG Schemes
iv) Letters of Credit (Unexpired) issued by Banks (Net of 4713.48 8233.30
Margin)
C Liability in respect of Bonus for the FY 2014-15 arising 429.85 429.85
due to retrospective amendment in the Payment of Bonus
(Amendment) Act, 2015; which is contested by the Company.
34: CAPITAL COMMITMENTS

The estimated amount of contracts remaining to be executed on 56060.47 13337.81
capital account (Net of advances) and not provided for :

UFLEX LIMITED
CIN: L74899DL1988PLC032166
35: DISCLOSURES FOR LEASES AS PER IND AS -116 ON "LEASES"

The following disclosures are made in respect of leases as required under Ind AS-116 on "Leases",
(Rs. in Lacs)
Note No Current Year Previous Year
i) Depreciation Charge on Right to Use Assets 2D 780.51 872.53

ii) Interest Expense on Lease Liabilities 30 248.93 261.92
iii) Short Term Leases 31B 602.52 597.78
iv) Low Value Leases 31B 15.44 10.90
v) Variable Lease Payments - -
vi) Total Cash Outflows on Right to Use Assets 934.32 1023.12
vii) Additions to Right to Use Assets 2D 2549.93 3201.94
viii) Carryig amount of Right to Use Assets 2D 4000.46 2311.79
36: INFORMATION IN RESPECT OF CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE REQUIRED

TO BE SPENT BY THE COMPANY:
(Rs. in Lacs)
Current Year Previous Year
a Gross Amount required to be spent by the Company 212.58 279.91
during the Year
b Amount spent during the year on:
(i) Construction / acquisition of any asset - -
(ii) On purpose other than (i) above 217.99 68.90
37: AUDITORS REMUNERATION, AS INCLUDED IN "LEGAL & PROFESSIONAL CHARGES" UNDER NOTE
NO."31(B)", IS AS UNDER:-
(Rs. in Lacs)
a) Audit Fees 136.00 132.00
b) Taxation Matters 40.00 37.00
c) Other Services 30.01 35.02
d) Out of Pocket Expenses 2.68 7.71
38: DEFINED BENEFIT PLAN

a) Gratuity
The Employees' Group Gratuity Scheme is managed by ICICI Prudential Life Insurance Company Limited. The
present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method,
which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The additional disclosure in terms of Ind AS 19 on
"Employee Benefits", is as under:
(Rs. in Lacs)
a. Reconciliation of opening and closing balances of obligation Current Year Previous Year
Obligations at period beginning 5304.56 4268.72
Current Service cost 473.11 428.68
Interest cost 360.46 329.39
Actuarial (gain) / loss due to unexpected experience 364.56 776.88
Benefits paid (512.76) (499.11)
Obligations at period end 5989.93 5304.56

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)

b. Reconciliation of opening and closing balances of fair
value assets
Plan assets at period beginning, at fair value 4314.70 3643.39
Interest Income 293.19 281.14
Return on Plan Assets excluding Interest Income 311.81 (141.46)
Contributions 730.00 1030.74
Benefits paid (512.76) (499.11)
Plan assets at period end, at fair value 5136.94 4314.70
c. Amount Recognized in Balance Sheet

Present value of the defined benefit obligations at the end of 5989.93 5304.56
the period
Fair value of plan assets at the end of the period (5136.94) (4314.70)
Liability/ (Asset) recognized in the balance sheet 852.99 989.86
d. Gratuity cost for the period

Expected return on plan assets (293.19) (281.14)
Net Gratuity Cost recognised in Statement of Profit & Loss 540.38 476.93
e. Remeasurement (gains) and losses

Return on Plan assets, excluding interest income (311.81) 141.46
Net Gratuity Cost recognised in Statement of Other 52.75 918.34
Comprehensive Income
Assumptions
Interest rate 6.8% P.A. 6.8% P.A.
Estimated rate of return on plan assets 6.8% P.A. 6.8% P.A.
The expected benefits increases are based on the same assumptions as are used to measure the Company's
defined benefit plan obligations as at 31st March 2021. The company is expected to contribute Rs. 1365.32
lacs to defined benefits plan obligations fund for the year ending 31st March 2022.
The significant accounting assumptions are the discount rate and expected salary increases. The sensitivity
analysis below have been determined based on reasonable possible changes of the respective assumptions
occurring at the end of the reporting period while other assumptions are constant.
If the discount rate increases /(decreases) by 0.5%, the defined benefit plan obligations would decrease by
Rs.223.11 Lacs (increase by Rs.239.46 Lacs) as at 31st March 2021.
If the expected salary growth increases /(decreases) by 0.5%, the defined benefit plan obligations would
increase by Rs.237.98 Lacs (decrease by Rs.223.46 Lacs) as at 31st March 2021.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of
the assumptions may be correlated.
Further in presenting the above sensitivity analysis, the present value of the defined benefit obligations has
been calculated using the Projected Unit Credit Method at the end of the reporting period, which is the same
as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.

UFLEX LIMITED
CIN: L74899DL1988PLC032166
b) Leave Encashment
The Company has provided for its Liability towards Leave encashment, based on the actuarial valuation, disclosure
whereof in terms of Indian Accounting Standard (Ind AS)- 19, "Employee Benefits" is as under:
(Rs. in Lacs)
a. Reconciliation of opening and closing balances of
obligation
Service cost 126.32 176.77
Actuarial (gain) / loss 318.80 810.92
Benefits paid (661.75) (520.65)
b. Amount Recognized in Balance Sheet

the period
Liability recognized in the balance sheet 2432.91 2480.95
c. Leave Encashment cost for the period

Net Leave Encashment cost for the period 613.71 1131.96
Assumptions
39: BALANCES OF SOME OF THE PARTIES ARE SUBJECT TO RECONCILIATION & CONFIRMATIONS.
40: PREVIOUS YEAR FIGURES HAVE BEEN RECASTED / REGROUPED/ RECLASSIFIED, WHEREVER
CONSIDERED NECESSARY.
41: The outbreak of coronavirus disease 2019 (COVID-19) has created an unprecedented global health crisis that
has a deep impact on the businesses and economy. Uflex operates in multiple countries across the globe – both
in terms of its manufacturing operations and the markets for its products and all these countries had imposed
lockdowns of varying types aimed at containing the spread of the virus. Given that Uflex business is manufacturing
of Flexible Packaging Films and Flexible Packaging, which is predominantly used in food and Pharma packaging,
all out efforts were being made by all countries to ensure the adequate supply of food and medicines to the public,
which was made possible only due to seamless continued operations of packaging industry. While Uflex did face
initial administrative and supply chain challenges in some countries during initial lockdown period, but there was
no impact on its overall production and sales volumes during the period. While Uflex believes that its business
will continue to remain unscathed by the pandemic; however there could be uncertainties in the future due to
underlying developments w.r.t COVID 19, which are difficult to predict.
42 : Due to Outbreak of fire certain assets situated in factory premises at Jammu Unit 2 and at Sector-60 Noida were
damaged during the year ended 31st March 2020. These assets are covered under insurance on reinstatement
basis for which intimation has already been given to the insurance company and the company will submit final
claims upon reconstruction of damaged assets. The company is in the process of reconstructing these assets and
has incurred Rs. 2728.61 lacs till 31st March 2021 (Net of adhoc claims received), towards assets destroyed during
outbreak of fires, which is expected to be recovered in full.
100 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
43: EARNINGS PER SHARE

The following disclosure is made, as required by Indian Accounting Standard (Ind AS-33) on "Earnings Per Share" :
(A) Profit for the year, after Adjustments, for computation of
Basic Earning & Diluted Earning Per Share (Rs in Lacs);
(viz.Numerator) (Rs.in lacs) 23044.27 14326.57
(B) (i) Weighted Average Number of Equity Shares
(viz. denominator) for Basic Earning Per Share 72211486 72211486
(ii) Weighted Average Number of Equity Shares 72211486 72211486
(viz. denominator) for Diluted Earning Per Share
(C) Nominal Value Per Share Rs. 10/- Rs. 10/-
(D) Earnings Per Share
(a) Basic (A/B(i)) (Rs.) 31.91 19.84
(b) Diluted (A/B(ii)) (Rs.) 31.91 19.84
44: SEGMENT DISCLOSURE :

Segment disclosure in accordance with the Ind AS 108 on " Operating Segments" are as under:
Accounting Principles and policies, as reported in Significant Accounting polices, used in the preparation of financial
statements are consistently applied to record revenue, expenditure, assets and liabilities, in each segment.
For the Year Ended 31st March 2021
(Rs. in Lacs)
Particulars Flexible Engineering Other (Un- Total
Packaging Activities allocable)
Activities
Revenue from
- External Customers 434114.11 28922.63 469.81 463506.55
- Transaction with other operating - 6342.83 - 6342.83
segments
Total Revenue 434114.11 35265.46 469.81 469849.38
Identifiable operating expenses (344636.65) (27760.72) (16541.00) (388938.37)
Less: Cost of Intersegment Revenue (3106.08) - (3236.75) (6342.83)
Operating Profit 86371.38 7504.74 (19307.94) 74568.18
Other Income 2034.20
EBIDTA 76602.38
Depreciation & Amortization Expenses (25964.72)
EBITA 50637.66
Finance Cost (15228.18)
Profit before Tax 35409.48
Tax expenses (12365.21)
Net Profit 23044.27
Segment Assets 376698.10 52904.55 62371.55 491974.20
Segment Liabilities 82452.20 47559.80 114326.82 244338.82
32ND ANNUAL REPORT 2020 - 2021 | 101

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
Activities
For the Year Ended 31st March 2020
Revenue from
- External Customers 384914.69 22170.70 (114.29) 406971.10
- Transaction with other operating - 4088.48 - 4088.48
segments
Total Revenue 384914.69 26259.18 (114.29) 411059.58
Operating Profit 61514.46 4922.38 (13059.71) 53377.13
EBIDTA 61641.94
EBITA 35505.70
Segment Assets 334209.83 46815.00 61001.89 442026.72
45: RELATED PARTY DISCLOSURES
(a) List of Related Parties (as per IND AS-24):

i) Subsidiaries : Flex Middle East FZE , Uflex Europe Ltd., Uflex Packaging Inc., UPET Holdings Ltd., USC
Holograms (P) Ltd. and Flex Chemicals (P) Ltd.
ii) Fellow Subsidiaries : Flex Films Europa Sp. z.o.o,Flex P Films (Egypt) S.A.E., UPET (Singapore) PTE.
Ltd., Flex Americas S.A. de C.V., Flex Films (USA) Inc., Flex Films Africa Pvt. Ltd., Flex Films Europa
Korlatolt Felelossegu Tarsasag (Hungary) and Flex Films Rus LLC (Russia.)
iii) Associate : Flex Foods Limited.
iv) Joint Venture : Digicyl Pte. Ltd. (Singapore) & Digicyl Ltd. (Israel) being Wholly owned subsidiary of
Digicyl Pte. Ltd. (Singapore)
v) Key Management Personnel & their relatives/ HUF : Mr. Ashok Chaturvedi, Chairman & Managing
Director (relatives, Mrs. Rashmi Chaturvedi, Mr.Anant Shree Chaturvedi, Mr. Apoorva Shree Chaturvedi
& Ms. Anshika Chaturvedi), Ashok Chaturvedi (HUF), Mr. Amitava Ray, Wholetime Director (upto
01/02/2021), Mr. Jagmohan Mongia, Whole time Director w.e.f. 11/02/2021, Mr. Rajesh Bhatia, CFO and
Mr. Ajay Krishna, Company Secretary
vi) Other Related Enterprises : AKC Retailers Pvt. Ltd., Anshika Investments Pvt. Ltd., Anant Overseast Pvt.
Ltd., Apoorva Extrusion Pvt. Ltd., Anshika Consultants Pvt. Ltd., A.R. Leasing Pvt. Ltd., A.R.Infrastructures
& Projects Pvt. Ltd., AC Infrastructures Pvt. Ltd., Cinflex Infotech Pvt. Ltd.,Flex International Pvt. Ltd.,
Ultimate Infratech Pvt. Ltd., Ultimate Flexipack Ltd., Ultimate Prepress LLP, Naveli Collections Pvt. Ltd.,
Modern Info Technology Pvt. Ltd., Magic Consultants Pvt. Ltd.and A.L.Consultants Pvt. Ltd.,
(b) The Company has entered into transactions with certain parties listed above during the year under
consideration. Details of these transactions are as follows :
102 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
Transactions Subsidiaries Fellow Associate Joint Key Other Total
Subsidiaries Venture Management Related
Personnel Enterprises
& their as referred
Relatives / to in 'a (vi)'
HUF above
i) Trade Transactions
Sale of Goods/Services (Net) 24258.94 448.12 44.14 - - 4020.70 28771.90
14318.30 501.98 33.97 - - 7905.22 22759.47
Purchase of Goods/Services - 3,222.28 - - - 27838.72 31061.00
(Net )
- 737.54 - - - 26033.64 26771.18
Royalty - - - - 210.00 - 210.00
- - - - 85.00 - 85.00
Purchase of Fixed Assets - - - - - - -
0.87 - - - - 365.31 366.18
Sale of Fixed Assets - - - - - 2.40 2.40
- 1.17 7.13 - - 3.34 11.64
Dividend Income - - 44.03 - - - 44.03
- - 58.70 - - - 58.70
Purchase of DEPB Licence - - 71.91 - - - 71.91
- - 55.09 - - - 55.09
Technical Fees received - 369.00 - - - - 369.00
1436.00 723.38 - - - - 2159.38
Licence & Support fees 189.13 1185.48 - - - - 1374.61
Received
74.03 344.92 - - - - 418.95
Rent Received - - 9.00 - 61.20 55.56 125.76
- - 9.00 - 48.05 24.08 81.13
Rent Paid - - - - 264.00 190.58 454.58
- - - - 240.00 71.64 311.64
Security Deposit Paid - - - - - - -
- - - - 100.00 - 100.00
Refund of Security Deposit - - - - - - -
Given
- - - - 100.00 - 100.00
Interest Paid on Loans - - 6.53 - - 19.70 26.23
- - 5.47 - - 171.33 176.80
Interest Received on Loans 212.90 - - 3.58 - - 216.48
137.80 - - 3.68 - - 141.48
Commission Received on - 199.77 - - - - 199.77
extension of Corporate
- 159.71 - - - - 159.71
Guarantee
Remuneration * - - - - 2441.99 - 2441.99
- - - - 1243.18 - 1243.18
Commission Paid - - - - - - -
14.36 - - - - - 14.36
ii) Non Trade Transactions
32ND ANNUAL REPORT 2020 - 2021 | 103

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
Transactions Subsidiaries Fellow Associate Joint Key Other Total
Subsidiaries Venture Management Related
Personnel Enterprises
& their as referred
Relatives / to in 'a (vi)'
HUF above
Investment in Shares - - - - - - -
4464.10 - - - - - 4464.10
Repayment of Lease - - - - - 228.79 228.79
Liabilities
- - - - - 345.81 345.81
Sale of Investments - - - - - - -
2152.80 - - - - - 2152.80
Dividend Paid - - - - 46.43 589.25 635.68
- - - - 46.43 589.25 635.68
Loan Taken - - - - - - -
- - 100.00 - - 100.00 200.00
Repayment of Loan Taken - - 100.00 - - 675.00 775.00
- - - - - 125.00 125.00
Loan Given 1185.00 - - - - - 1185.00
640.00 - - - - - 640.00
Recovery of Loan Given 1,891.00 - - - - - 1,891.00
- - - - - - -
Total 27736.97 5424.65 275.61 3.58 3023.62 33620.70 70085.13
23238.26 2468.70 269.36 3.68 1862.66 35734.62 63577.28
Balance as on 31.03.2021
Debit 15575.49 1401.24 0.01 63.79 - 5055.64 22096.17
6553.39 663.72 8.41 61.76 - 5796.26 13083.54
Credit 756.25 1906.41 - - 1150.68 14226.92 18040.26
1417.98 672.40 104.93 - 45.29 15151.54 17392.14
Previous Year figures have been given in Italic.

*Includes (Rs in Lacs)
Salary 1229.81 1200.63
Perquisites 57.38 35.82
Short Term Employees Benefits 19.80 6.73
Commission 1135.00 -
Total 2441.99 1243.18
The company has extended corporate guarantees to the lenders of its subsidiary(ies) / Fellow Subsidiary(ies). The
outstanding amount of corporate guarantees extended by the company as on the balance sheet date has been
disclosed in Note No 33(B).
104 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
46: INFORMATION U/S 186(4) OF THE COMPANIES ACT, 2013 IN RESPECT OF LOANS GIVEN, INVESTMENTS
MADE OR GUARANTEES GIVEN OR SECURITY PROVIDED :
S. Name of the Company Amount Purpose of the Loan

No. Rs. in Lacs
A Loans Given
USC Holograms Pvt Ltd 1185.00 General Corporate Purpose
Digicyl Pte. Ltd., Singapore 55.13 Renewal of General Corporate Purpose
Loan Provided to the Company.
B Guarantees Given NIL
C Securities Provided NIL
47: FINANCIAL INSTRUMENTS

The carrying value of instruments by categories are as follows:
(Rs. in Lacs)
Particulars Amortised Financial Financial assets Total
Cost assets / / liabilities at fair Carrying
liabilities at fair value through Value
value through OCI
Profit or Loss
Assets
Cash and cash equivalents CY 20061.72 - - 20061.72
(Including Other Bank Balances)
PY 6711.74 - - 6711.74
Investments
Equity and other securities CY 46040.38 - 273.93 46314.31
PY 46040.38 - 145.56 46185.94
Trade Receivables CY 133849.79 - - 133849.79
PY 111443.37 - - 111443.37
Loans CY 3114.93 - - 3114.93
PY 3526.09 - - 3526.09
Other financial assets CY 2934.23 - - 2934.23
PY 321.07 - - 321.07
Total CY 206001.05 - 273.93 206274.98
PY 168042.65 - 145.56 168188.21
Liabilities
Trade payables CY 76828.35 - - 76828.35
PY 63687.17 - - 63687.17
Other financial liabilities CY 32322.07 - - 32322.07
PY 19529.94 - - 19529.94
Borrowings (less cummlative CY 103055.77 - - 103055.77
amortisation using effective interest
PY 110491.21 - - 110491.21
method)
Lease Liabilities CY 4198.56 4198.56
PY 2424.31 - - 2,424.31
Total CY 216404.75 - - 216404.75
PY 196132.63 - - 196132.63
32ND ANNUAL REPORT 2020 - 2021 | 105

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Fair Value hierarchy disclosures:

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Input other than quoted price included within Level 1 that are observable for the assets or liability; either directly (i.e. as prices)
or indirectly (i.e. derived from prices).
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
Particulars Total Level 1 Level 2 Level 3

Investment in equity instruments CY 273.93 273.93 - -
PY 145.56 145.56 - -
Investment in Preference Shares CY 15250.00 - - 15250.00
PY 15250.00 - - 15250.00
48: FINANCIAL RISKS MANAGEMENT

In the course of business, amongst others, the Company is exposed to several financial risks such as Credit Risk,
Liquidity Risk, Interest Rate Risk, Exchange Risk and Commodity Price Risk. These risks may be caused by the
internal and external factors resulting into impairment of the assets of the Company causing adverse influence
on the achievement of Company’s strategies, operational and financial objectives, earning capacity and financial
position.
The Company has formulated an appropriate policy and established a risk management framework which
encompass the following process.
- identify the major financial risks which may cause financial losses to the company
- assess the probability of occurrence and severity of financial losses
- mitigate and control them by formulation of appropriate policies, strategies, structures, systems and procedures
- Monitor and review periodically the adherence, adequacy and efficacy of the financial risk management
system.
The Company enterprise risk management system is monitored and reviewed at all levels of management, Audit
Committee and the Board of Directors from time to time.
Credit Risk
Credit Risk refers to the risks that arise on default by the counterparty on its contractual obligation resulting into
financial loss to the company. The company may carry this Risk on Trade and other receivables, liquid assets and
some of the non current financial assets.
In case of Trade receivables, the company has framed appropriate policy for extending credits period & limit to
each customer based on their profile, financial position and their external rating etc. The collections of trade dues
are strictly monitored . In case of Export customers, even credit guarantee insurance is also obtained wherever
required.
Company’s exposure to Credit Risk is also influenced by the concentration of risk from top five customers. The
details in respect of the% of sales generated from the top customer and top five customers are given hereunder.
Particulars Current Year Previous Year

Revenue from Top Customer 14% 18%
Revenue from Top Five Customers 25% 29%
The credit risk on cash & cash equivalent, investment in fixed deposits, liquid funds and deposits are insignificant
as counterparties are banks or mutual funds with high credit ratings assigned by the rating agencies of international
repute.
Liquidity Risk
Liquidity Risk arises when the company is unable to meet its short term financial obligations as and when they fall
due.
106 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
The company maintains adequate liquidity in the system so as to meet its all financial liabilities timely. In addition
to this, the company’s overall financial position is strong so as to meet any eventuality of liquidity tightness.
Contractual maturities of financial liabilities are given as under:
(Rs. in Lacs)
Particulars As at Due within 12 Due beyond 12
31st March 2021 months from months of Balance
Balance sheet Date Sheet Date
Borrowings 124746.83 60800.82 63946.01
Lease Liabilities 4198.56 577.54 3621.02
Trade payables
Total outstanding dues of Micro, Small & 1497.21 1497.21 -
Medium enterprises
Total outstanding dues of creditors other 75331.14 75331.14 -
than Micro, Small & Medium enterprises
Other Financial Liabilities 10631.01 9265.92 1365.09
Interest Rate Risk
Generally market linked financial instruments are subject to interest rate risk. The company does not have any
market linked financial instruments both on the asset side as well liability side. Hence there is no interest rate risk
linked to market rates.
However the interest rate in respect major portion of borrowings by the Company from the banks and others are
linked with the Benchmark / Base Prime lending rate of the respective lender and in case of foreign currency
borrowings, the same is linked with the LIBOR. Any fluctuation in the same either on higher side or lower side will
result into financial loss or gain to the company.
The amount which is subjected to the change in the interest rate is of Rs. 116205.35 lacs out of the total debt of
Rs. 124746.83 Lacs.
Based on the Structure of the debt as at year end, one percentage point increase in the interest rate would cause
an additional expense in the net financing cost of Rs. 1162.05 Lacs.
Foreign Currency Risk
The company is exposed to the foreign currency risk from transactions & translation. Transactional exposures are
arising from the transactions entered into foreign currency. Management keeps a close watch of the maturity of
the financial assets in foreign currency and payment obligations of the financial liabilities.
The carrying amount of the Company’s material foreign currency dominated monetary Assets and Liabilities at the
end of the reporting period is as below:
(Rs. in Lacs)
Currency Monetary Assets Monetary Liabilities
Current Year Previous Year Current Year Previous Year
USD 10728.14 7849.07 10478.1 8597.8
Euro 6292.41 1997.38 3558.69 926.09
GBP 3901.96 907.83 133.33 162.15
Following Table Summarises approximate gain /(loss) on Company’s Profit before tax on account of appreciation
and depreciation of underlying foreign currencies of the above table
32ND ANNUAL REPORT 2020 - 2021 | 107

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
Currency Effect on Profit before tax
Closing USD Rate (in Rs.P.) 73.50 75.39
Closing Euro Rate (in Rs.P.) 86.10 83.05
Closing GBP Rate (in Rs.P.) 100.95 93.08
5% appreciation (Rs.in lacs) 337.62 53.41
5% depreciation (Rs.in lacs) (337.62) (53.41)
Commodity Price Risk

The main raw materials which company procures are global commodities and their prices are to a great extent
linked to the movement of crude prices directly or indirectly.
The pricing policy of the Company final product is structured in such a way that any change in price of raw materials
is passed on to the customers in the final product however, with a time lag which mitigates the raw material price
risk.
With regard to the finished products, the Company has been operating in a global competitive environment which
continues to keep downward pressure on the prices and the volumes of the products.
In order to combat this situation, the Company formulated manifold plans and strategies to develop new customers
& focus on new innovative products. In addition, it has also been focusing on improvement in product quality and
productivity. With these measures, Company counters the competition and consequently commodity price risk.
Signatories to Notes 1 to 48
For and on behalf of the Board of Directors

Place : NOIDA
108 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
INDEPENDENT AUDITOR’S REPORT

Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying Consolidated Financial Statements of Uflex Limited (hereinafter referred to as
“the Holding Company”) and its subsidiaries companies, viz. USC Holograms Pvt. Ltd, Flex Middle East FZE, Flex P
Films (Egypt) S.A.E., Flex Films Europa Sp. z.o.o, Flex Americas S.A. de C.V., Uflex Europe Ltd., Uflex Packaging
Inc., UPET Holdings Ltd., UPET (Singapore) PTE. Ltd., Flex Films (USA) Inc., Flex Chemicals Pvt. Ltd., Flex Films
Africa Pvt. Ltd., Flex Films Europa Korlatolt Felelossegu Tarsasag (Hungary) & Flex Films Rus LLC (Russia) {the
Holding Company and its subsidiaries together referred to as “the Group”}, its Associate, Flex Foods Limited and Jointly
Controlled Entities, viz. Digicyl Pte. Ltd. (Singapore) & Digicyl Ltd. (Israel), being Wholly owned Subsidiary of Digicyl
Pte. Ltd. (Singapore), comprising of the Consolidated Balance Sheet as at March 31, 2021, the Consolidated Statement
of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity and
the Consolidated Cash Flow Statement for the year then ended, and notes to the Consolidated Financial Statements,
including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the
Consolidated Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Consolidated
Financial Statements give the information required by the Companies Act, 2013, as amended (‘the Act’) in the manner
so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) prescribed under
Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other
accounting principles generally accepted in India, of their Consolidated state of affairs of the Group, its Associate
and Jointly Controlled Entities, as at March 31, 2021, of their Consolidated profit and Other Comprehensive Income,
Consolidated Changes in Equity and Consolidated Cash Flows for the year then ended.
Basis for Opinion
We conducted our audit of the Consolidated Financial Statements in accordance with the Standards on Auditing (SAs)
specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the ‘Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements’ section of our report. We are independent of
the Group, its Associate and Jointly Controlled Entities in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (‘ICAI’), and we have fulfilled our other ethical responsibilities in accordance with the
provisions of the Act. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Consolidated Financial Statements of the current year. These matters were addressed in the context of our audit
of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be the key audit matters to be
communicated vide this report.
Revenue Recognition:
The Holding Company and an Our audit procedures included and were not limited to the following:
Indian Subsidiary audited by us, • Evaluated the detailed analysis performed by those charged with governance
enters contracts with customers, of the Holding Company & the Indian Subsidiary and those acting on their
encompassing multiple products directions, on revenue streams;
and services. They derive revenues • Evaluated the appropriateness of the disclosures provided under the Ind
from flexible packaging activities, AS-115 on ‘Revenue from Contracts with Customers’ and assessed the
Engineering activities, trading, and completeness of the relevant disclosures;
related activities. They assess the • Evaluation and testing of the design and operating effectiveness of the relevant
activities promised in a contract business process controls, inter-alia controls over the capture, measurement,
and identifies distinct performance and authorisation of revenue transactions;
obligations in the contract, where • Evaluated the agreements with the customers to identify the distinct performance
applicable. Identification of obligations, where applicable, the transaction price, and its allocation to the
distinct performance obligations performance obligations in the contract, and the classification of the contract for
to determine the deliverables the basis of revenue recognition in accordance with Ind AS -115 and
and the ability of the customer to • Evaluated the treatment accorded and disclosures by the Holding Company
benefit independently from such & the Indian Subsidiary Company for sales returns, trade discounts, rate
deliverables involves significant differences, volume rebates and other factors, having bearing on revenue
judgment. recognition.
32ND ANNUAL REPORT 2020 - 2021 | 109

UFLEX LIMITED
CIN: L74899DL1988PLC032166

Consolidation of Subsidiaries, Our audit procedures included and were not limited to the following:
Jointly Controlled Entities and • Evaluated the design and implementation of internal controls laid down by
Associate the Group for identification of Subsidiaries, Jointly Controlled Entities and
Associate;
• Evaluated the design and implementation of internal controls laid down by
the Group for consolidation of group companies on line by line basis by
adding together the book values of like items of assets, liabilities, income and
expenses after eliminating the intra-group transactions and also unrealized
profit and losses resulting from intra-group transactions included in the
carrying amount of assets;
the Holding Company, for Consolidation of Jointly Controlled Entities and the
Associate, by equity method;
• Evaluated the design and implementation of internal controls laid down by the
Holding Company for alignment of accounting policy of foreign subsidiaries
with Holding company and
the Holding Company for translating the financial statements of the Group
companies which are incorporated outside India, as per Indian Accounting
Standards.
Information Other than the Consolidated Financial Statements and Auditor’s Report Thereon
The Holding Company’s Management and its Board of Directors are responsible for the other information. The other
information comprises the information included in the Holding Company’s Annual Report, but does not include the
Standalone and the Consolidated Financial Statements and our auditor’s reports thereon.
Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial
Statements, or our knowledge obtained during the course of the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial
Statements
The Holding Company’s Board of Directors are responsible for the preparation and presentation of these Consolidated
Financial Statements in term of the requirements of the Act, that give a true and fair view of the Consolidated financial
position, Consolidated financial performance, including Other Comprehensive Income, Consolidated Changes in Equity
and Consolidated Cash Flows of the Group including its Associate and Jointly Controlled Entities in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section
133 of the Act. The respective Board of Directors of the companies included in the Group, Associate and Jointly
Controlled Entities are responsible for maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Group, Associate and Jointly Controlled Entities and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Consolidated Financial Statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of
preparation of the Consolidated Financial Statements by the Directors of the Holding Company, as aforesaid.
In preparing the Consolidated Financial Statements, the respective Board of Directors of the companies included in the
Group, its Associate and Jointly Controlled Entities are responsible for assessing the ability of the Group, its Associate
and Jointly Controlled Entities to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless respective management either intends to liquidate the
Group, Associate and or Jointly Controlled Entities or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its Associate and Jointly Controlled
Entities are also responsible for overseeing the financial reporting process of the Group and of its Associate and Jointly
Controlled Entities.
110 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Consolidated Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Holding Company, an Indian Subsidiary and an Indian Associate, has adequate internal
financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group, its Associate and or Jointly Controlled Entities to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group, its Associate and or Jointly Controlled Entities to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the
disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events
in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group, its Associate and Jointly Controlled Entities to express an opinion on the Consolidated Financial
Statements. We are responsible for the direction, supervision and performance of the audit of the financial statements
of the entity included in the Consolidated Financial Statements of which we are the independent auditors. For the
other entities included in the Consolidated Financial Statements, which have been audited by other auditors, such
other auditors remain responsible for the direction, supervision and performance of the audits carried out by them.
We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entity included in the
Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Consolidated Financial Statements of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Other Matters
We have audited one Indian Subsidiary, viz. USC Holograms Pvt. Ltd.. We did not audit the financial statements of
balance 13 subsidiaries as at March 31, 2021, whose financial statements reflect total assets of Rs. 777,637.74 Lacs
32ND ANNUAL REPORT 2020 - 2021 | 111

UFLEX LIMITED
CIN: L74899DL1988PLC032166
as at March 31, 2021, total revenues of Rs.530,835.25 Lacs and net cash inflows amounting to Rs. 7709.27 Lacs for
the year ended on that date, as considered in the Consolidated Financial Statements. The Consolidated Financial
Statements also include the Group’s share of net profit of Rs. 135.81 lacs and Other Comprehensive Income of Rs.
9.26 lacs, for the year ended March 31, 2021, as considered in the Consolidated Financial Statements, in respect of
the Associate and a Jointly Controlled Entity, whose financial statements have not been audited by us. In respect of
above financial statements, which have been audited by other auditors, whose reports have been furnished to us by
the Management and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and
disclosures included in respect of these Subsidiaries, above Associate and above Jointly Controlled Entity and our
report in terms of sub-Sections (3) and (11) of Section 143 of the Act, in so far as it relates to the aforesaid Subsidiaries,
above Associate and above Jointly Controlled Entity, is based solely on the reports of the other auditors.
We did not audit the financial statements of another Jointly Controlled Entity, which reflect Group’s share of net Loss of
Rs. 5.25 lacs and Other Comprehensive Income of Rs. NIL, for the year ended March 31, 2021, as considered in the
Consolidated Financial Statements. These financial statements are unaudited and have been certified & furnished to us
by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and
disclosures included in respect of this Jointly Controlled Entity, and our report in terms of sub-sections (3) and (11) of
Section 143 of the Act in so far as it relates to this Jointly Controlled Entity, is based solely on such unaudited financial
statements. In our opinion and according to the information and explanations given to us by the Management, these
financial statements are not material to the Group.
Auditors of one of the material Components, viz. Flex P Films (Egypt) S.A.E., Fellow Subsidiary Company, have
mentioned, inter-alia, in their Auditor’s Report in paragraph “Emphasis of Matters”; that ‘Most of the world countries,
including Egypt, were exposed to the new Covid-19 pandemic starting from the first quarter of 2020, causing disruption
to most of commercial and economic activities in general. Thus, it is possible that this will have a significant impact
on the pre-defined operational and marketing plans, future cash flows associated with it, the associated elements of
assets, liabilities, and business results in the financial statements of the company during the following periods. The
company’s management is currently taking several measures to mitigate such risk and reduce its impact on its financial
position and support its ability to continue. However, in light of the instability and the state of uncertainty as a result of
the current events, the magnitude of the impact of such event depends mainly on the continuation of those effects and
the company’s ability to achieve its plans to confront this danger, which is difficult to be determined at the present time.’
Their Auditor’s opinion is not modified in respect of this matter.
Our opinion on the Consolidated Financial Statements, and our “Report on Other Legal and Regulatory Requirements”
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of
the other auditors and the financial statement certified by the Management.
Report on Other Legal and Regulatory Requirements:
As required by Section 143(3) of the Act, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements;
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated
Financial Statements have been kept so far as it appears from our examination of those books and the reports of
the other auditors;
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including Other Comprehensive
Income), the Consolidated Statement of Changes in Equity and the Consolidated Cash Flow Statement dealt with
by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of
the Consolidated Financial Statements;
d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as
amended;
e) On the basis of the written representations received from the Directors of the Holding Company and an Indian
Subsidiary, audited by us as on March 31, 2021 & taken on record by the Board of Directors of the Holding
Company and concerned Subsidiary audited by us and the report of the other statutory auditors of the Indian
Associate, none of the directors of the Holding Company, concerned Subsidiary and such Associate, is disqualified
as on March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the Act;
f) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
Section 197(16) of the Act, as amended :
In our opinion and based on the consideration of report of other statutory auditors of the Indian Associate, the
managerial remuneration for the year ended March 31, 2021 has been paid / provided by the Holding Company,
Indian Subsidiary audited by us and the Indian Associate, to their directors is in accordance with the provisions of
112 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Section 197, read with Schedule V to the Act;

g) With respect to the adequacy of internal financial controls over financial reporting of the Holding Company, its
Indian Subsidiary and Indian Associate and the operating effectiveness of such controls, refer to our separate
report in the Annexure;
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditor’s) Rules, 2014, as amended, in our opinion and to the best of our information and according to
the explanations given to us and based on the respective financial statements & consideration of the reports of the
other statutory auditors of the subsidiaries, Indian Associate & a Jointly Controlled Entity, not audited by us and
unaudited Financial Statement of another Jointly Controlled Entity, certified by the Management, as noted in the
‘Other Matters’ paragraph:
i. The Consolidated Financial Statements disclose the impact of pending litigations on the Consolidated financial
position of the Group, its Associate and Jointly Controlled Entities-Refer Note 33-I(A), 33-I(C) and 33-II(i) to
the Consolidated Financial Statement.
ii. The Group, its Associate and Jointly Controlled Entities did not have any material foreseeable losses on long-
term contracts including derivative contracts.
iii. a) There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Holding Company and its Indian Associate;
b) There was no amount which was required to be transferred to the Investor Education and protection fund
by the Indian Subsidiary, audited by us.
CA. Deepak Sehgal

Partner
Dated : June 29, 2021 UDIN: 21085391AAAAAH2385
ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT ON THE CONSOLIDATED

FINANCIAL STATEMENTS
(Referred to in paragraph (g) under “Report on Other Legal and Regulatory Requirements” section of our Report on
the Audit of the Consolidated Financial Statements, to the members of Uflex Limited (“the Holding Company”), of even
date)
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of sub-Section 3 of Section
143 of the Companies Act, 2013 (‘the Act’)
In conjunction with our audit of the Consolidated Financial Statements of the Uflex Limited (herein referred to as “the
Holding Company”), its Subsidiaries, Associate and Jointly Controlled Entities, as of and for the year ended March 31,
2021, we have audited the internal financial controls over financial reporting of Holding Company, its Indian Subsidiary,
viz. USC Holograms Pvt. Ltd, and its Indian Associate, viz. Flex Foods Ltd. (the Holding Company, its Indian Subsidiary
and its Indian Associate are together referred to as “Indian Enterprises”) as of that date.
Management’s Responsibility for Internal Financial Controls
The Respective Board of Directors of the Indian Enterprises, are responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria established by the Indian Enterprises
considering the essential components of internal control stated in the ‘Guidance Note on Audit of Internal Financial
Controls over Financial Reporting’ (the ‘Guidance Note’), issued by the Institute of Chartered Accountants of India (ICAI).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the
Indian Enterprises’ policies, the safeguarding of their assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as
required under the Act.
Our responsibility is to express an opinion on the Indian Enterprises’ internal financial controls over financial reporting
based on our audit. We conducted our audit in accordance with the Guidance Note issued by the ICAI and the
32ND ANNUAL REPORT 2020 - 2021 | 113

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Standards on Auditing prescribed under Section 143 (10) of the Act, to the extent applicable to an audit of Internal
Financial Controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial
reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, and the audit evidence obtained by the other auditor in terms of
their report referred to in the “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our
audit opinion on the Indian Enterprises’ internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
The Indian Enterprises’ internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of Consolidated Financial Statements
for external purposes in accordance with the Ind AS and other accounting principles generally accepted in India.
The Indian Enterprises’ internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Indian Enterprises; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of Consolidated Financial Statements in accordance with the Ind AS and other
accounting principles generally accepted in India and that receipts and expenditures of the Indian Enterprises are
being made only in accordance with authorizations of the Management and Directors of the Indian Enterprises; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the assets of the Indian Enterprises that could have a material effect on the Consolidated Financial Statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management, override of controls, material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us and based on the consideration
of reports of the other auditor, as referred to in the “Other Matters” paragraph below, the Indian Enterprises’ have, in
all material respects, an adequate internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2021, based on the internal control over
financial reporting criteria established by the Indian Enterprises, considering the essential components of internal
control stated in the Guidance Note issued by the ICAI.
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
financial controls over financial reporting in so far, as it relates to the Indian Associate, not audited by us, is based on
the corresponding report of its auditor.
CA. Deepak Sehgal

Partner
Dated : June 29, 2021 UDIN: 21085391AAAAAH2385
114 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2021

(Rs. in Lacs)
Particulars Note No. As At As At
31st March 2021 31st March 2020
I ASSETS
Non-Current Assets
a) Property, Plant and Equipment 2A 493171.29 371900.25
b) Capital Work-in-Progress 150917.84 200360.60
c) Investment Property 2B 1221.87 1341.67
d) Other Intangible assets 2C 3321.82 3848.63
e) Right of use assets 2D 5499.38 3675.71
f) Intangible assets under development 835.40 388.11
g) Financial Assets
i) Investments 3 20529.88 19870.71
ii) Loans 4 4004.33 3465.42
iii) Other Non-Current Financial Assets 5 28.29 983.09
h) Other Non-Current Assets 6 25247.39 28422.44
Total Non-Current Assets 704777.49 634256.63
Current assets
a) Inventories 7 115057.11 85494.57
b) Financial Assets
i) Trade Receivables 8 240549.80 194735.63
ii) Cash and Cash equivalents 9A 55992.29 33106.27
iii) Bank Balances other than (ii) above 9B 9912.09 11247.17
iv) Loans 10 3024.22 3102.46
v) Other Financial Assets 11 3050.27 296.71
c) Other Current Assets 12 50002.60 39398.09
Total Current Assets 477588.38 367380.90
TOTAL ASSETS 1182365.87 1001637.53
II EQUITY AND LIABILITIES
Equity
a) Equity Share Capital 13 7221.15 7221.15
b) Other Equity 14 548441.05 462489.67
Total Equity 555662.20 469710.82
Liabilities
Non-Current Liabilities
i) Borrowings 15 280669.61 245114.01
iii) Other Financial Liabilities 16 1365.09 1881.91
b) Provisions 17 2851.94 2842.02
c) Deferred Tax Liabilities (Net) 18 29607.21 18729.88
Total Non-Current Liabilities 319221.11 271154.10
Current Liabilities
i) Borrowings 19 75457.32 92051.33
iii) Trade Payables 20
- Total outstanding dues of Micro, Small & 1497.21 989.55
Medium enterprises
- Total outstanding dues of creditors other than 133213.83 104258.12
Micro, Small & Medium enterprises
iv) Other Financial Liabilities 21 66397.38 44147.33
b) Other Current Liabilities 22 19072.32 8705.28
c) Provisions 23 2542.01 2535.64
d) Current Tax Liabilities (Net) 24 8467.37 7131.66
Total Current Liabilities 307482.56 260772.61
TOTAL EQUITY AND LIABILITIES 1182365.87 1001637.53
The accompanying Notes from S.No. 1 to 46 form an Integral Part of the Consolidated Financial Statements.
For and on behalf of the Board of Directors This is the Consolidated Balance
Sheet referred to in our report of
even date attached

Place : NOIDA
32ND ANNUAL REPORT 2020 - 2021 | 115

UFLEX LIMITED
CIN: L74899DL1988PLC032166
CONSOLIDATED STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED

31ST MARCH 2021
(Rs. in Lacs)
Particulars Note For the Year Ended For the Year Ended
No. 31st March 2021 31st March 2020
INCOME:
Revenue from Operations
Gross Revenue from Sale of Products & Services 25 (A) 912042.05 768503.73
Less : Inter unit Revenue from Sales of Products & Services 44590.91 41547.69
Net Revenue from Sale of Products & Services 867451.14 726956.04
Other Operating Income 25 (B) 21624.51 13528.24
Revenue from Operations 889075.65 740484.28
Other Income 26 2280.32 2846.84
Share in Profit of the Associate for the Year 565.57 320.12
Share in (Loss) of Joint Ventures for the Year (435.01) (488.98)
Total Income 891486.53 743162.26
EXPENSES:
Cost of materials consumed 27 468066.52 429465.41
Purchase of Stock-in-Trade 5882.93 988.17
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade 28 (3249.59) (4814.38)
Employee benefits expense 29 79897.76 72558.72
Finance costs 30 22906.76 22478.97
Depreciation and amortization expense 45572.76 40319.41
Other expenses 31 160949.27 135608.95
Expenses Allocated to Self Constructed Assets 32 (2759.16) (1528.52)
Total Expenses 777267.25 695076.73
Profit before tax 114219.28 48085.53
Less / (Add) : Tax expense:
- Current tax 20080.98 10170.03
- Deferred tax 10499.48 818.12
Profit for the year before Minority Interest 84367.84 37087.44
Non Controlling Interest (77.83) (105.64)
Profit for the year 84290.01 36981.80
a. Items that will be reclassified subsequently to Profit or Loss
Exchange Difference on translation of foreign operations 2604.13 5072.76
b. Items that will not be reclassified subsequently to Profit or Loss
Fair Value Changes/ Realised of / on Equity Instruments 556.18 (288.50)
Income tax relating to items that will not be reclassified Subsequently to Profit & Loss (89.05) -
Share in aggregate other comprehensive income of the Associate (Net of Tax) 9.26 (12.74)
Total (b) 423.64 (1219.58)
Total Other Comprehensive Income for the year (a+b) 3027.77 3853.18
Total Comprehensive Income for the Year 87395.61 40940.62
Total Comprehensive Income for the Year attributable to:
- Owners of the Holding Company 87317.78 40834.98
- Non-Controlling Interest 77.83 105.64
Earnings Per Equity Share
a) Basic (Rs.) 116.73 51.21
b) Diluted (Rs.) 116.73 51.21
For and on behalf of the Board of Directors This is the Consolidated Statement
of Profit & Loss referred to in our
report of even date attached

Place : NOIDA
116 | 32ND ANNUAL REPORT 2020 - 2021

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2021
(Rs. in Lacs)
Particulars Equity Other Equity Total Attributable
Share Attributable to Non
Reserve & Surplus Items of Other Comprehensive Income
Capital to Owners Controlling
Capital Securities General Legal Retained Equity Exchange Exchange Remeasure- Share in of the Interest
Reserve Premium Reserve Reserve Earnings Instrument differences differences ment of aggregate Company
through on on Defined Other
Other translating devaluation Benefit Compre-
Compre- financial of Currency Plans hensive
hensive statements Income of
Income of foreign Associate
operations
Balance as at 7221.15 10557.89 57110.63 21496.73 2706.57 306738.80 (2265.20) 36954.93 (9525.32) (532.02) (32.71) 430431.45 429805.05 626.40
1st April 2019
Total Other (288.50) 5072.76 - (918.34) (12.74) 3853.18 3853.18 -

for the Year (Net of Tax)
Dividend Paid (Including (1663.17) (1663.17) (1663.17) -
Dividend Distribution Tax)
Amount transferred to (1154.03) (1154.03) (1154.03) -
General Reserve & Legal
Reserve
Amount Transferred from 279.75 874.28 1154.03 1154.03 -
Retained Earnings
Capital Reserve (180.13) 180.13 - - -
transferred to Retained
Earnings on Sale of
Investment in Subsidiaries
(Net of Tax)
Balance as at 7221.15 10377.76 57110.63 21776.48 3580.85 341189.17 (2553.70) 42027.69 (9525.32) (1450.36) (45.45) 469708.90 468976.86 732.04
31st March 2020
Balance as at 7221.15 10377.76 57110.63 21776.48 3580.85 341189.17 (2553.70) 42027.69 (9525.32) (1450.36) (45.45) 469708.90 468976.86 732.04
1st April 2020
Total Other 467.13 2604.13 - (52.75) 9.26 3027.77 3027.77 -
UFLEX LIMITED
Dividend Paid (1444.23) (1444.23) (1444.23) -
CIN: L74899DL1988PLC032166
32ND ANNUAL REPORT 2020 - 2021 | 117

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2020 (Contd.)
(Rs. in Lacs)
Particulars Equity Other Equity Total Attributable
Share Attributable to Non
Reserve & Surplus Items of Other Comprehensive Income
Capital to Owners Controlling
CIN: L74899DL1988PLC032166
Capital Securities General Legal Retained Equity Exchange Exchange Remeasure- Share in of the Interest
Reserve Premium Reserve Reserve Earnings Instrument differences differences ment of aggregate Company
through on on Defined Other
Other translating devaluation Benefit Compre-
Compre- financial of Currency Plans hensive
hensive statements Income of
Income of foreign Associate
118 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
operations
Amount transferred 338.76 (338.76) - - -
to retained Earning
on Sale of Investment
recognized through Other
(Net of Tax)
Amount transferred to (2859.79) (2859.79) (2859.79) -
Reserve
Amount Transferred from 939.83 1919.96 2859.79 2859.79 -
Retained Earnings
Balance as at 31st 7221.15 10377.76 57110.63 22716.31 5500.81 421591.75 (2425.33) 44631.82 (9525.32) (1503.11) (36.19) 555660.28 554850.41 809.87
March 2021
For and on behalf of the Board of Directors This is the Consolidated Statement of
Changes in Equity referred to in our report
of even date attached

Place : NOIDA
UFLEX LIMITED
CIN: L74899DL1988PLC032166
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH,
2021
(Rs. in Lacs)
For the Year For the Year
Ended 31.03.2021 Ended 31.03.2020
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 114219.28 48085.53
Adjustment for :
Remeasurement of the net defined benefit liability / (52.75) (918.34)
asset
Share in Profit of the Associate for the Year (565.57) (320.12)
Share in (Profit) /Loss of the Joint Ventures for the Year 435.01 488.98
Exchange differences on translation of foreign 1430.13 (2459.16)
operations (net of adjustment to cost of Property, Plant
& Equipment (PPE), Intangibles, Right of use Assets &
Deferred Tax)
Depreciation & amortisation expense 45572.76 40319.41
Exchange rate fluctuations (Net) (4361.92) (1641.14)
Property, Plant & Equipments written Off 69.64 1.57
Gain on sale of Investment Property - (10.19)
(Gain)/ Loss on sale of Right to Use Assets (9.54) 1.19
Finance Cost 22906.76 22478.97
Interest received from Banks / others (969.31) (794.11)
Rent Received (975.74) (919.52)
Dividend received on Investments carried at Fair value - (3.43)
through other comprehensive income
Gain on sale of Investments (Net) - (541.72)
Gain on sale of units of Mutual Funds (Net) (0.26) -
Sundry Credit Balances written Back (185.80) (104.62)
Allowance for Doubtful Trade Receivables Written Back (863.56) (61.36)
Goodwill Written Off - 0.20
Allowance for bad and doubtful Trade receivables 4182.07 1321.93
Sundry Debit Balances / Bad Debts written off 5437.57 72307.55 2730.32 59591.90
Operating Profit before Working Capital changes 186526.83 107677.43
Adjustment for :
Trade Receivables (54384.45) 4180.47
Other financial assets and other assets (9800.00) (21650.85)
Inventories (29562.54) (1140.53)
Trade payables 29463.37 2311.41
Other financial liabilities, Other Liabilities and Provisions 33452.27 (30831.35) 2012.32 (14287.18)
Cash generated from operations 155695.48 93390.25
Income Tax (19441.01) (10179.97)
Exchange rate fluctuations 4361.92 (15079.09) 1641.14 (8538.83)
Cash from operating activities before exceptional 140616.39 84851.42
items
Net Cash generated from operating activities (A) 140616.39 84851.42
32ND ANNUAL REPORT 2020 - 2021 | 119

UFLEX LIMITED
CIN: L74899DL1988PLC032166
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2021 (Contd.)
(Rs. in Lacs)
For the Year For the Year
Ended 31.03.2021 Ended 31.03.2020
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment (PPE) & (115504.48) (218609.98)
Intangible assets
Sale proceeds of PPE & Intangibles etc. 556.28 10930.61
(Outflow) / Inflow on Investments (Net) 37.09 (881.13)
Loans to Employees & Others 33.49 3686.77
Loan to Joint Venture 1.41 (4.66)
Loan to Body Corporate 76.21 (3039.84)
Interest received from Banks / others 969.31 794.11
Dividend received on Investments carried at Fair value - 3.43
through other comprehensive income
Net Cash used in Investing Activities (B) (112854.95) (206201.17)
C. CASH FLOW FROM FINANCING ACTIVITIES

Dividend Paid (1444.23) (1444.23)
Dividend Distribution Tax - (218.94)
Lease Payments (1102.10) (1199.69)
Finance Cost (22625.76) (22192.20)
Borrowings (Net) 18961.59 161944.54
Net Cash used in Financing Activities (C ) (6210.50) 136889.48
Net (Decrease) /Increase in Cash and Cash equivalents 21550.94 15539.73
(A+B+C)
Cash and Cash equivalents (As per Note No 9)
Opening Cash and Cash equivalents 44353.44 28813.71
Closing Cash and Cash equivalents # 65904.38 44353.44
#Includes Rs. 9912.09 lacs (Previous Year Rs. 11247.17 lacs) in respect of amount lying in unclaimed dividend
accounts / margin money accounts / fixed deposits pledged with banks as margin for letter of credits, guarantees
& bills discounted.
For and on behalf of the Board of Directors This is the Consolidated Cash Flow
Statement referred to in our report
of even date attached

Place : NOIDA
120 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
NOTES ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED

31ST MARCH 2021
1: SIGNIFICANT ACCOUNTING POLICIES
A. BASIS OF PREPERATION OF FINANCIAL STATEMENTS
The financial statements of the group have been prepared in accordance with the Indian Accounting Standards
(Ind AS) notified under the Companies (Indian Accounting Standards) Rules 2015 as amended from time to
time by the Ministry of Corporate Affairs (MCA), the provisions of Companies Act, 2013, and guidelines issued
by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied
except where a newly issued Indian Accounting Standard is initially adopted or a revision to an existing Indian
Accounting Standard requires a change in the accounting policy hitherto in use. Financial statements of the
group are prepared under the historical cost convention except for the certain financial assets and liabilities
measured at fair value as mentioned in applicable accounting policies.
The financial statements are presented in Indian Rupees (INR). Amount has been rounded off to nearest lacs.
B. BASIS AND PRINCIPLES OF CONSOLIDATION
The consolidated financial statements comprise those of UFLEX Limited and its affiliated companies (the
Group).
Companies which the group controls are fully consolidated from the date at which the Group obtains the
control over the entity. The Group controls the entity when it is exposed to, or has right to, variable returns from
its involvement with the company and has ability to affect those returns through its power over the company.
The Group holds either full or majority of voting rights in the companies which are controlled.
The financial statements of the Group Companies are consolidated on a line-by-line basis by adding together
the book values of like items of assets, liabilities, income and expenses, subject to regrouping & netting of
certain items, which present the consolidation in a fair manner without affecting the materiality, after eliminating
the intra-group transactions and also unrealized profit or losses resulting from intra-group transactions
included in the carrying amount of assets. The group financial statements are prepared by adopting uniform
accounting policies for like transactions and other events in similar circumstances and are presented to
the extent possible, in the same manner as that of holding company’s financial statements. Non-controlling
interest which represent part of the net profit or loss and net assets of the subsidiaries that are not, directly
or indirectly, owned or controlled by the Group, are excluded. The excess / short amount of investment of the
Group over its share in the net assets of the respective affiliates is recognized as Goodwill or Capital Reserve
in the financial statement.
Associates are entities over which the Group has significant influence, but not control. Investments in the
associate companies have been accounted under the Equity Method of accounting. The investment is initially
recognized at cost, and the carrying amount is increased or reduced by the amount of share in profit & loss of
the investee after the date of acquisition. The Groups investment in associates includes goodwill identified on
acquisition.
Joint Ventures are entities over which the Group has joint control. Investments in the joint venture have been
accounted under the Equity Method of accounting. The investment is initially recognized at cost, and the
carrying amount is increased or reduced by the amount of share in profit & loss of the investee after the date
of acquisition.
The list of companies of the UFLEX Group, associates and joint ventures are given as under:
Sr. Name of the Company Country of Relation Ownership

No. Incorporation Interest
1 Uflex Europe Limited London-UK Subsidiary 100%
2 Uflex Packaging Inc. USA Subsidiary 100%
3 Flex Middle East FZE Dubai-UAE Subsidiary 100%
4 Flex P. Films (Egypt) S.A.E. Egypt Subsidiary 100%
5 Flex Films Europa Sp. Z.o.o. Poland Subsidiary 100%
6 UPET Holdings Limited Mauritius Subsidiary 100%
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CIN: L74899DL1988PLC032166
NOTES ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
Sr. Name of the Company Country of Relation Ownership

No. Incorporation Interest
7 UPET (Singapore) PTE Ltd. Singapore Subsidiary 100%
8 Flex Americas S.A.de C.V. Mexico Subsidiary 100%
9 Flex Films (USA) Inc. USA Subsidiary 100%
10 USC Holograms (P) Ltd. India Subsidiary 68%
11 Flex Chemicals Pvt. Ltd. Russia Subsidiary 100%
12 Flex Films Africa Pvt. Ltd. Nigeria Subsidiary 100%
13 Flex Films Europa Korlatolt Hungary Subsidiary 100%
Felelossegu Tarsasag
14 Flex Films RUS LLC Russia Subsidiary 100%
15 Digicyl Pte. Ltd. Singapore Joint Venture 50%
16 Digicyl Limited Israel Joint Venture 50%
17 Flex Foods Limited India Associate 47.15%

Business Combinations
Business combinations are accounted for using the acquisition method. Where not all of the equity of a
Acquiree is acquired the non-controlling interests are recognized at the non-controlling interest share in net
identifiable assets of the Acquiree. Upon obtaining control in a business combination achieved in stages, the
Group remeasures its previously held equity interest at fair value and recognizes a gain or a loss to the other
comprehensive income.
All the figures of assets, liabilities, revenue & expenses of subsidiaries, which are stated in foreign currency in
its separate financial statements, are converted into Indian Rupees in accordance with the Ind AS 21 on “The
Effects of Changes in Foreign Exchange Rates”.
C. USE OF ESTIMATES AND JUDGEMENTS
The preparation of the financial statements is in conformity with Ind AS requires management to make
estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application
of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets
and liabilities at the date of the financial statements and reported amounts of revenues and expenses during
the period. Accounting estimates could change from period to period. Actual results could differ from those
estimates. Appropriate changes in estimates are made as management becomes aware of changes in
circumstances surrounding the estimates.
The estimates and underlying assumptions are reviewed on going concern basis.
Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision
affects only that period, in the period of the revision and future periods if the revision affects both current and
future.
D. CLASSIFICATION OF EXPENDITURE / INCOME
Except otherwise indicated:
i) All expenditure and income are accounted for under the natural heads of account.
ii) All expenditure and income are accounted for on accrual basis.
E. REVENUES
Revenues from sale of goods and processing
Revenue from the sale of goods and processing of material (Job Work ) in the course of ordinary activities
is measured at the value of the consideration received or receivable, net of returns, trade discounts, rate
differences and volume rebates. Revenue is recognized at point of time, which represents transfer of control
to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can
be estimated reliably, there is no continuing effective control over the goods and the amount of revenue can
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be measured reliably. The timing of transfer of control normally happens upon shipment. However in case of
consignment sales to agents revenues are recognized when the materials are sold to ultimate customers.
Further, revenues are recognized at gross value of consideration of goods & processing of goods excluding
Goods and Service Tax (GST).
Revenue from Services
Revenue from the service contract is recognized when the related services are performed and revenue from
the services at the end of the reporting period is recognized based on stage of completion method. When
there is uncertainty as to the ultimate collection of the revenue, recognition is postponed until such uncertainty
is resolved. Revenues from service contracts are measured based on the services performed to date as a
percentage of total services to be performed. In case where the services are performed by an indeterminate
number of acts over a specified period of time, revenue is recognized on a straight line basis over the specified
period. After the initial recognition, in respect of uncollectible amount, provisions are made in the period in
which amount is identified as uncollectible.
Interest Income
Interest income is recognized on time apportionment basis. Effective interest method is used to compute the
interest income on long terms loans and advances.
Dividend Income
Dividend income is recognized when the right to receive is established, which is generally when shareholders
approve the dividend.
F. PROPERTY, PLANT AND EQUIPMENT (PPE)

Recognition and measurement:
Property, plant and equipment are initially recognized at cost after deducting refundable purchase taxes and
including the cost directly attributable to bring the asset to the location and conditions necessary for it to be
capable of operating in the manner intended by the management, borrowing cost in accordance with the
established accounting policy, cost of restoring and dismantling, if any, initially estimated by the management.
After the initial recognition the property, plant and equipment are carried at cost less accumulated depreciation
and impairment losses, if any.
Cost of Self-constructed assets is determined using the same principles as for acquired assets after eliminating
the component of internal profits.
Any gain or loss on disposal of an item of property, plant and equipment is recognized in the statement of profit
or loss.
Depreciation on all property, plant & equipment are provided for, from the date of put to use for commercial
production on straight line method at the useful lives prescribed in Schedule-II to the Companies Act, 2013,
except for the followings, where the management believes that technical useful lives is different from those
prescribed in Schedule II of the Companies Act, 2013 based on technical evaluation:
Particulars Description
Rotogravure Cylinders & Shims (useful life of 3 Over the useful life as technically specified by the
Years ) management based on the past experience
Continuous process Plant for Packaging Film Over the useful life as technically specified by the
(useful life of 20 Years) management based on the past experience
Identifiable separate components of Plant & Over the useful life as technically specified by the
Equipment (useful life of 3 to 7 years) management based on the past experience
Cost of leasehold land are written-off over the primary lease period of the land expect of the leasehold land,
held by the Group on the date of transition, which is amortised over the remaining useful lives of the assets.
Freehold land is not depreciated.
The estimated useful lives, residual values and depreciation method are reviewed at each financial year end
and the effect of any change is accounted for on prospective basis.
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The carrying amount of the all property, plant and equipment are derecognized on its disposal or when no
future economic benefits are expected from its use or disposal and the gain or loss on de-recognition is
recognized in the statement of profit & loss.
Reclassification to investment property:
When the use of a property changes from owner-occupied to investment property, the property is reclassified
as investment property at its carrying amount on the date of reclassification.
G. INTANGIBLE ASSETS
Acquired Intangible assets are initially recognized at cost after deducting refundable purchase taxes and
including the transaction cost, if any. After initial recognition intangibles are carried at cost less accumulated
amortization and impairment losses, if any.
Intangible assets in respect of Product development is created when the technical and commercial feasibility
of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to
complete and use or sell the product / technology and the cost is reliably measurable. Revenue expenditures
pertaining to Research is charged to the statement of profit & loss. Development costs of products are charged
to the statement of profit & loss unless a products technological and commercial feasibility has been established
in which case such expenditure is capitalized. Subsequent to initial recognition, internally generated intangible
assets are reported at cost less accumulated amortization and accumulated impairment loss, if any.
Intangibles assets are amortised over their respective individual estimated useful lives on a straight line basis,
from the date they are available for use, as per period prescribed in respective license/ agreement or five
years.
Intangible asset is derecognized on disposal or when no future economic benefits are expected from continuing
use or disposal.
The estimated useful lives, residual values and amortization method are reviewed at each financial year end
H. INVESTMENT PROPERTIES
Investment properties are initially recognized at cost after deducting refundable purchase taxes and including
the transaction cost, if any. After initial recognition the investment properties are carried at cost less accumulated
depreciation and impairment losses, if any.
Transfer to and from the investment properties are made when and only when, there is change in the use
of the investment property as evidenced by the conditions laid down under the Indian accounting standard.
The carrying amount of the property as on the date of classification is considered as carrying value of the
investment property and vice-versa.
Depreciation on investment properties are provided for, from the date of put to use on straight line method at
the useful lives prescribed in Schedule-II to the Companies Act, 2013.
The carrying amount of the investment properties are derecognized on its disposal or when no future economic
benefits are expected from its use or disposal and the gain or loss on de-recognition is recognized in the
statement of profit & loss.
The estimated useful lives, residual values and depreciation method are reviewed at each financial year end
The fair value of the investment properties are disclosed in the notes.
I. INVENTORIES
Inventories of finished goods and work in progress are valued at lower of cost, based on weighted average
method, (except in case of machine manufacturing where specific identification method is used) arrived after
including depreciation on plant & machinery, electrical installation, right to use assets and factory building,
repair & maintenance on factory building, specific manufacturing expenses including specific payments &
benefits to employees or net realizable value.
Raw Materials and other materials including packaging, stores and fuels are valued at lower of cost, based
on first-in-first-out method arrived at after including freight inward and other expenditure directly attributable to
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CIN: L74899DL1988PLC032166
acquisition or net realizable value.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs
of completion and sales.
J. FINANCIAL INSTRUMENTS
Initial Recognition:
The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual
provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition,
except for trade receivables/payables and where cost of generation of fair value exceeds benefits, which
are initially measured at transaction price. Transaction costs directly related to the acquisition or issue of the
financial assets and financial liabilities (other than financial assets and financial liabilities through statement of
profit & loss) are added to or deducted from the cost of financial assets or financial liabilities. Transaction cost
directly attributed to the acquisition of financial assets or financial liabilities at fair value through statement of
profit & loss are recognized immediately in the statement of profit & loss.
Subsequent Recognition:
Non-derivative financial instruments
(i) Financial assets carried at amortized cost: A financial asset is subsequently measured at amortized
cost if it is held within a business model whose objective is to hold the asset in order to collect contractual
cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.
(ii) Financial assets at fair value through other comprehensive income: A financial asset is subsequently
measured at fair value through other comprehensive income if it is held within a business model whose
objective is achieved by both collecting contractual cash flows and selling financial assets and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
The Group has made an irrevocable election for its investments which are classified as equity instruments
(all being not held for trading), to present the subsequent changes in fair value in other comprehensive
income based on its business model.
Fair value of the listed equity instruments are measured using the rate quoted in the stock exchange
wherein the securities are actively traded as on the last working day of the period of reporting. In respect
of unlisted equity instruments, fair value is determined based on the latest audited financial statements
and considering the open market information available, failing which it shall be measured at cost.
(iii) Financial assets at fair value through profit or loss: A financial asset which is not classified in any
of the above categories (including investment in units of mutual funds) is subsequently measured at fair
value through profit or loss.
(iv) Financial liabilities: Financial liabilities are subsequently carried at amortized cost using the effective
interest method, except for contingent consideration recognized in a business combination which is
subsequently measured at fair value through profit and loss. For trade and other payables maturing
within one year from the Balance Sheet date, the carrying amounts approximate fair value due to the short
maturity of these instruments.
K. TRADE RECEIVABLES
Trade receivables represents amount billed to customers as credit sales and are net off; a) any amount billed
but for which revenues are reversed under the relevant Indian accounting standard and b) impairment for
trade receivables, which is estimated for amounts not expected to be collected in full.
L. LOANS AND ADVANCES

Loans and advances are non-derivative financial assets with fixed and determinable payments. This category
includes the loans, other financial assets and other current assets.
Subsequent to initial measurement, loans and receivables are carried at amortized cost based on effective
interest rate method less appropriate allowance for doubtful receivables, if any.
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CIN: L74899DL1988PLC032166
Loans and advances are further classified as current and non-current depending whether they will realize
within 12 months from the balance sheet date or beyond.
M. FINANCIAL LIABILITIES
Financial liabilities are initially recognized at the fair value of the consideration received less directly attributable
transaction cost.
Subsequent to initial measurement, financial liabilities viz borrowings are measured at amortised cost. The
difference in the initial carrying amount of the financial liabilities and their redemption value is recongised in
the statement of profit & loss over the contractual term using the effective interest rate method.
Financial liabilities are further classified as current and non-current depending whether they are payable within
12 months from the balance sheet date or beyond.
Financial liabilities are derecognized when the Group is discharged from its obligation; they expire, are
cancelled or replaced by a new liability with substantial modified terms.
N. EARNING PER SHARE
Basic Earnings Per Share is computed by dividing the net profit attributable to the Equity Share Holders of the
Group to the weighted average number of Shares outstanding during the period & Diluted earnings per share
is computed by dividing the net profit attributable to the Equity Share Holders of the Group after adjusting the
effect of all dilutive potential equity shares that were outstanding during the period. The weighted average
number of shares outstanding during the period includes the weighted average number of equity shares that
could have issued upon conversion of all dilutive potential.
O. TAXATION
Current Tax
Current tax is expected tax payable on the taxable income for the year, using the tax rate enacted at the
reporting date.
Current tax assets and liabilities are offset where the Group has legal enforceable right to offset and intends
either to settle on net basis, or to realise the assets and settle the liability simultaneously.
Deferred Tax Assets and Liabilities

Deferred tax is recognized for all taxable temporary differences and is calculated based on the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the
liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be
available against which the assets can be utilised. Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and when
the deferred tax balances relate to taxes levied by the same tax authority on the same taxable entity, or on
different tax entities, but the Group intends to settle current tax liabilities and assets on a net basis or their tax
assets and liabilities will be realised simultaneously.
Deferred tax is not recognized for temporary differences relating to:
- initial recognition of goodwill;
- initial recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit; and
- Investments in subsidiaries, associates and jointly controlled entities where the Group is able to control
the timing of the reversal of the temporary difference and it is probable that they will not reverse in the
foreseeable future.
Current and Deferred Tax for the Year
Current and deferred tax are recognized in the statement of profit & loss, except when they relates to items
that are recognized in other comprehensive income or directly in equity, in which case, the current tax and
deferred tax is recognized directly in other comprehensive income or equity as the case may be.
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CIN: L74899DL1988PLC032166
P. EMPLOYEE BENEFITS
The Group provides for the various benefits plans to the employees. These are categorized into Defined
Benefits Plans and Defined Contributions Plans. Defined contribution plans includes the amount paid by the
Group towards the liability for employees benefits plans notified / enacted by the competent authority and
defined benefits plans includes the retirement benefits, such as gratuity and paid absences (leave benefits)
both accumulated and non-accumulated.
a. In respect Defined Contribution Plans, contribution made to the specified fund based on the services
rendered by the employees are charged to Statement of Profit & Loss in the year in which services are
rendered by the employee.
b. Liability in respect of Defined Long Term benefit plan is determined at the present value of the amounts
payable determined using actuarial valuation techniques performed by an independent actuarial at each
balance sheet date using the projected unit credit methods. Remeasurement, comprising actuarial gain
and losses, the effects of assets ceiling (if applicable) and the return on plan assets (excluding interest),
are reflected immediately in the statement of Financial Position with a charge or credit recognized in other
comprehensive income in the period in which they occur. Past Service cost is recognized in the statement
of profit & loss in the period of plan amendment.
c. Liabilities for accumulating paid absences is determined at the present value of the amounts payable
determined using the actuarial valuation techniques performed by an independent actuarial at each balance
sheet date using the projected unit credit method. Actuarial gain or losses in respect of accumulating paid
absences are charged to statement of profit & loss account.
d. Liabilities for short term employee benefits are measured at undiscounted amount of the benefits expected
to be paid and charged to Statement of Profit & Loss in the year in which the related service is rendered.
Q. GOVERNMENT GRANTS
Government grants are recognized when there is reasonable assurance that the entity will comply with the
conditions attaching to them and the grants will be received.
Grants received as part of package of financial aids to which the number of condition are attached, the grant
is initially recognized as liability and proportionately transferred to the Reserves on fulfillment of the conditions
attached to it.
Grants received as part of investment in the specific fixed asset is reduced from the Cost of that asset at the
time of receipt of the Grant.
Revenue Grants are recognized in the statement of Profit & Loss.
R. IMPAIRMENT
Financial assets
The Group recognizes the impairment on financial assets based on the expected credit loss model for
the financial assets which are not fair value through statement of profit and loss. Loss allowance on trade
receivables, with no significant financing component is measured at an amount equal to lifetime expected
credit loss. The amount of expected credit losses or reversal that is required to adjust the loss allowance at
the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss
in the statement of profit and loss for the period.
Intangible assets, investment property and property, plant and equipment
Intangible assets, investment property and property plant & equipment are evaluated for recoverability
wherever events or changes in circumstances indicate that their carrying amount may not be recoverable.
For impairment testing, assets that do not generate independent cash flows are grouped together into cash
generating units (CGUs).
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell
and the value in use) is determined on an individual asset basis unless the asset does not generate cash flows
that are largely independent of those from other assets. In such cases, the recoverable amount is determined
for the CGU to which the asset belongs.
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If such asset is considered to be impaired, the impairment to be recognized in the statement of profit and
loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable
amount of the asset. An impairment loss is reversed in the statement of profit & loss if there have been
changes in the estimates used to determine the recoverable amount. The carrying amount is increased to its
revised recoverable amount, provided that this amount does not exceeds the carrying amount that would have
been determined (net of any accumulated amortization or depreciation) had no impairment loss has been
recognized for the asset in prior years.
S. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A provision is recognized, if as a result of past event the Group has present legal or constructive obligations
that is reasonably estimable and it is probable that an outflow of economic benefits will be required to settle
the obligation.
Contingent liabilities are disclosed for possible obligations arising out of uncertain events not wholly in control
of the Group.
Contingent assets are not recognized in the financial statements. However due disclosures are made in
the financial statements for the contingent assets, where economic benefits is probable and amount can be
estimated reliably.
T. FOREIGN CURRENCY TRANSACTIONS
Functional Currency
The Company functional currency is Indian Rupees. The financial statement of the company is presented in
Indian rupees rounded off to nearest lacs.
Transaction and Translations

Transactions in currency other than Indian Rupees are recorded at the rate, as declared by the custom
authority / inter-bank rates, ruling on the date of transaction.
Unsettled Foreign currency denominated monetary assets and liabilities, as at the balance sheet date, are
translated using the exchange rates as at the balance sheet date. The gain or loss resulting from the translation
is recognized in the statement of profit & loss. Non-monetary assets and non-monetary liabilities denominated
in foreign currency and measured at cost are translated at the exchange rate at the date of the transaction.
Non-monetary assets and non-monetary liabilities denominated in foreign currency and measured carried at
fair value are translated at the date when the fair value is determined.
Transaction gain or losses realized upon settlement of foreign currency transaction are included in determining
the net profit for the period in which transaction is settled.
Exchanges difference arises on settlement / translation of foreign currency monetary items relating to acquisition
of property, plant & equipment till the period they are put to use for commercial production, are capitalized to
the cost of assets acquired and provided for over the useful life of the property, plant & equipment.
U. LEASES
The Group as a lessee
The Group’s lease asset classes primarily consist of leases for land, rental properties, equipment’s and
vehicles. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the right to control the use of an identified
asset, the Group assesses whether: (i) the contract involves the use of an identified asset (ii) the Group has
substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the
Group has the right to direct the use of the asset.
At the date of commencement of the lease, the Group recognizes a right-of-use (ROU) asset and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term
of 12 months or less (short-term leases) and low value leases. For these short-term and low-value leases,
the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of
the lease. Certain lease arrangements includes the options to extend or terminate the lease before the end of
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UFLEX LIMITED
CIN: L74899DL1988PLC032166
the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they
will be exercised. The ROU assets are initially recognized at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated
depreciation and impairment losses. ROU assets are depreciated from the commencement date on a straight-
line basis over the shorter of the lease term and useful life of the underlying asset. ROU assets are evaluated
for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not
be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value
less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not
generate cash flows that are largely independent of those from other assets. In such cases, the recoverable
amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments.
The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates of the Group. Lease liabilities are remeasured with a corresponding
adjustment to the related ROU asset if the Group changes its assessment of whether it will exercise an
extension or a termination option. Lease liability and ROU assets have been separately presented in the
Balance Sheet and lease payments have been classified as financing cash flows.
For Short Term Leases and leases for which underlying asset is of low value, Lease payments are recognize
as an expenses on a straight line basis over a lease term.
The Group as a lessor
Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a
finance lease. All other leases are classified as operating leases.
For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease
V. BORROWING COST
Borrowings cost are interest and other costs (including exchange differences relating to foreign currency
borrowings to the extent they are regarded as an adjustment to interest costs) incurred in connection with
the borrowing of funds. Borrowing cost directly attributable to the acquisition or construction of qualifying /
eligible assets, intended for commercial production are capitalised as part of the cost of such assets. All other
borrowing costs are recognized as an expense in the year in which they are incurred.
32ND ANNUAL REPORT 2020 - 2021 | 129

2A. PROPERTY, PLANT & EQUIPMENT
(Rs. in Lacs)
Freehold Lease Hold Building Plant & Electrical Office Furniture & Vehicles Aircraft Total
Land Land Equipment Installations Equipments Fixtures
CIN: L74899DL1988PLC032166
As at 1st April 2019 7340.11 22772.37 97391.91 478226.80 17297.22 8411.08 8060.39 5443.21 735.35 645678.44
Additions During the Year 1908.67 17.13 9292.11 28993.48 1247.77 681.47 813.59 881.35 - 43835.57
Adjustments for Exchange 163.86 659.81 1778.54 8025.48 (76.71) 129.58 74.02 80.34 66.12 10901.04
Difference on translation
Deductions During the Year - - (297.97) (26305.44) (24.60) (59.88) (65.47) (632.32) - (27385.68)
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UFLEX LIMITED
As at 31st March 2020 9412.64 23449.31 108164.59 488940.32 18443.68 9162.25 8882.53 5772.58 801.47 673029.37
Additions During the Year 1173.40 5413.07 41068.03 107946.23 4822.23 970.81 1032.86 948.11 - 163374.74
Adjustments for Exchange 83.55 (229.54) 499.62 1968.54 386.85 (10.02) 2.26 (30.60) (20.09) 2650.57
As at 31st March 2021 10669.59 28632.84 149726.21 592526.66 23615.50 10044.55 9879.66 6003.91 781.38 831880.30
As at 1st April 2019 - 975.45 23195.31 230741.76 7332.61 6137.26 5518.53 2734.74 73.53 276709.19
Provided for the Year - 361.48 3291.16 30999.19 978.75 775.26 544.93 625.75 37.64 37614.16
Adjustments for Exchange - 53.98 406.55 2690.56 (110.99) 100.88 55.67 42.23 9.05 3247.93
As at 31st March 2020 - 1,390.91 26813.14 248722.06 8176.15 6957.15 6075.04 2874.45 120.22 301129.12
Provided for the Year - 359.54 4643.95 34456.63 1080.17 801.64 657.86 783.62 39.41 42822.82
Adjustments for Exchange - (19.84) 89.02 834.12 176.94 (19.17) (9.03) (0.11) (3.36) 1048.57
As at 31st March 2021 - 1730.61 31540.76 278327.71 9398.02 7665.02 6689.20 3201.42 156.27 338709.01
NET CARRYING VALUE

As at 31st March 2020 9412.64 22058.40 81351.45 240218.26 10267.53 2205.10 2807.49 2898.13 681.25 371900.25
As at 31st March 2021 10669.59 26902.23 118185.45 314198.95 14217.48 2379.53 3190.46 2802.49 625.11 493171.29
UFLEX LIMITED
CIN: L74899DL1988PLC032166
2B INVESTMENT PROPERTY (Rs. in Lacs)
Freehold Land Leasehold Land Building Total

As at 1st April 2019 8.57 275.83 4054.02 4338.42
As at 31st March 2020 8.57 273.95 4054.02 4336.54
As at 31st March 2021 8.57 273.95 4054.02 4336.54
As at 1st April 2019 - 10.69 2862.78 2873.47
As at 31st March 2020 - 14.07 2980.80 2994.87
As at 31st March 2021 - 17.69 3096.98 3114.67
NET CARRYING VALUE
As at 31st March 2020 8.57 259.88 1073.22 1341.67
As at 31st March 2021 8.57 256.26 957.04 1221.87
Note: Fair value of the Investment Properties is of Rs 12743.37 Lacs (Previous Year Rs.12843.88 Lacs),as valued by
Independent architect and approved valuer.
2C INTANGIBLE ASSETS (Rs. in Lacs)

Goodwill Software Patent Technical Know How Total
Internally Other Than
Generated Internally
Generated
As at 1st April 2019 0.20 2405.64 639.56 5030.30 2646.61 10722.31
Additions During the Year - 30.91 - 55.82 20.29 107.02
Adjustments for Exchange Difference on translation - 4.05 - 197.92 - 201.97
Deductions During the Year (0.20) (3.51) - - - (3.71)
As at 31st March 2020 - 2437.09 639.56 5284.04 2666.90 11027.59
Additions During the Year - 1,114.13 - - 200.00 1314.13
Adjustments for Exchange Difference on translation - (0.65) - (61.55) - (62.20)
Deductions During the Year - (7.57) - - - (7.57)
As at 31st March 2021 - 3543.00 639.56 5222.49 2866.90 12271.95
As at 1st April 2019 - 1862.13 593.49 1,715.93 1080.07 5251.62
Provided for the Year - 262.56 29.22 1,025.70 481.46 1798.94
Adjustments for Exchange Difference on translation - 3.85 - 128.06 - 131.91
As at 31st March 2020 - 2125.03 622.71 2869.69 1561.53 7178.96
Provided for the Year - 330.94 16.82 1,119.26 359.21 1826.23
Adjustments for Exchange Difference on translation - (1.59) - (47.00) - (48.59)
As at 31st March 2021 - 2447.91 639.53 3941.95 1920.74 8950.13
NET CARRYING VALUE
As at 31st March 2020 - 312.06 16.85 2414.35 1105.37 3848.63
As at 31st March 2021 - 1095.09 0.03 1280.54 946.16 3321.82
32ND ANNUAL REPORT 2020 - 2021 | 131

UFLEX LIMITED
CIN: L74899DL1988PLC032166
2D RIGHT OF USE ASSETS (Rs. in Lacs)

Leasehold Rental Plant & Vehicles Total
Land Properties equipment
Premium
As at 1st April 2019 - - - - -
Transition Period Recognition on 1st April 2019. 1776.97 1158.22 307.33 680.97 3923.49
Additions During the Year - 560.08 - 362.71 922.79
Adjustments for Exchange Difference on 33.90 - - 33.90
translation
As at 31st March 2020 1810.87 1718.30 307.33 1019.43 4855.93
Additions During the Year 1835.23 492.91 503.52 102.13 2933.79
Adjustments for Exchange Difference on (23.69) (21.81) - - (45.50)
translation
As at 31st March 2021 3622.41 2120.28 810.85 931.80 7485.34
As at 1st April 2019 - - - - -
Transition Period Recognition on 1st April 2019. 196.02 - - - 196.02
Adjustments for Exchange Difference on 21.78 0.79 - - 22.57
translation
As at 31st March 2020 295.96 472.18 124.76 287.32 1180.22
Adjustments for Exchange Difference on (7.66) (1.30) - - (8.96)
translation
As at 31st March 2021 373.19 917.70 242.11 452.96 1985.96
NET CARRYING VALUE
As at 31st March 2020 1514.91 1246.12 182.57 732.11 3675.71
As at 31st March 2021 3249.22 1202.58 568.74 478.84 5499.38
Breakup of Depreciation and Amortisation charge for the Year:
(Rs. in lacs)
31.03.2021 31.03.2020
Depreciation and Amortisation on:
Property, Plant & Equipment 42822.82 37614.16
Investment Property 119.80 121.48
Other Intangible Assets 1826.23 1798.94
Right of use assets 992.83 968.26
Total # 45761.68 40502.84
# Includes Rs. 188.92 Lacs (Previous Year Rs. 183.43 Lacs) Charged to Pre-Operative Expenses.
132 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
3: INVESTMENTS
Particulars Descrip- Face As At 31.03.2021 As At 31.03.2020

tion Value Number Amount Number Amount
(Rs.in lacs) (Rs.in lacs)
I Measured at Cost / Carrying Value (Less

Impairment, if any)
Equity Instruments in the Associate (Flex
Foods Limited)
Quoted
Fully Paid Up
Carrying Value of Investment 443.73 443.73
Add: Share in Post acquisition Profits / OCI 5927.01 5352.18
6370.74 5795.91
Less: Dividend received upto the year end (1364.79) (1320.76)
Carrying Amount of Investment Equity Rs.10/- 5870000 5005.95 5870000 4475.15
Total -3(I) 5005.95 4475.15
II Measured at Cost / Carrying Value (Less
Impairment, if any)
Equity Instruments in Joint Venture (Digicyl
Pte. Ltd, Singapore)
Unquoted
Fully Paid Up
Carrying Value of Investment 337.50 337.50
Add: Share in Post acquisition (Loss) / OCI (337.50) (337.50)
Carrying Amount of Investment @ Equity US$1 500000 - 500000 -
Total -3(II) - -
III Designated and carried at Fair value through
Equity Instruments
i) Quoted
Fully Paid Up
Ansal Properties & Infrastructure Ltd. Equity Rs.5/- 589910 34.80 589910 20.94
Kothari Products Ltd. Equity Rs.10/- 342900 217.06 342900 117.61
B.A.G.Films Ltd. Equity Rs.2/- 49300 1.01 49300 0.89
Reliance Infrastructure Ltd. Equity Rs.10/- 60000 21.06 60000 6.12
ii) Unquoted
Fully Paid Up
Malanpur Captive Power Ltd. Equity Rs.10/- 635650 - 635650 -
Fair Growth Financial Services Ltd. Equity Rs.10/- 100000 - 100000 -
Vijaya Home Loans Ltd. Equity Rs.10/- 50000 - 50000 -
Total -3(III) 273.93 145.56
IV Designated & Carried at Amortised Cost
(Less Impairment, if any)
Preference Shares
Unquoted
Fully Paid Up
Montage Enterprises Private Limited $ Preference Rs.100/- 15250000 15250.00 15250000 15250.00
7.5% Cummulative, Non-Participative
Redeemable Preference Shares
Total -3(IV) 15250.00 15250.00
32ND ANNUAL REPORT 2020 - 2021 | 133

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Particulars Descrip- Face As At 31.03.2021 As At 31.03.2020

tion Value Number Amount Number Amount
(Rs.in lacs) (Rs.in lacs)
TOTAL 3 (I+II+III+IV) 20529.88 19870.71

i) Aggregate amount of Quoted Investments 7393.04 6862.24
ii) Aggregate Market Value of Quoted Investments 4826.12 1906.56
iii) Aggregate amount of unquoted Investments 15562.17 15562.17
iv) Aggregate amount of impairment in value of
Investments
- Quoted 2113.16 2241.53
- Unquoted 312.17 312.17
2425.33 2553.70
v) Investment Carried at Cost 5005.95 4475.15
vi) Investment Carried at Fair Value through Other 273.93 145.56
vii) Investment Carried at Amortised Cost 15250.00 15250.00
$ These Preference Shares are redeemable at par in ten equal annual instalments commencing from the expiry of two years from
the date of allotment viz 3rd October 2019 for 12505000 Preference Shares amounting to Rs. 12505 Lacs and 30th March 2020
for 2745000 Preference Shares amounting to Rs. 2745 Lacs.
@ Share in Post Acquisition Loss of Rs. 1419.64 Lacs (Previous Year Rs.983.63 Lacs) which is in excess of the amount of Capital
Contribution is included in "Others Payable"- in Note No.21 on "Other Financial Liabilities".
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
4: LOANS
Security Deposits 3957.96 3406.32
Loans to :
- Employees 76.08 109.57
Less: Current Portion 29.71 46.37 50.47 59.10
TOTAL : 4004.33 3465.42
5: OTHER NON-CURRENT FINANCIAL ASSETS

Balance with bank in Fixed deposit Accounts for a period 28.29 82.90
more than 12 months *
Balance in Debt Security Coverage Account with lender - 900.19
banks
TOTAL : 28.29 983.09
* Pledged with Banks as margin for Letters of Credits,
Guarantees and Bills Discounted.
6: OTHER NON-CURRENT ASSETS

Capital Advances 23396.05 26590.56
Deposit with Excise/ GST / Sales Tax Authorities 291.67 326.83
Deposits / Advances with Income Tax Authorities 1559.67 1505.05
TOTAL : 25247.39 28422.44
134 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
7: INVENTORIES
Raw Materials 57374.99 38374.37
Work-in-Progress* 20275.16 20906.76
Finished Goods* 25628.97 15325.41
Traded Goods 77.76 21.40
Material-in-Transit :
- Raw Materials 4449.41 3816.75
- Raw Materials (Intra Group) 616.91 882.34
- Finished Goods (Intra Group) 1292.44 2688.82
Stores, Packing Material & Fuel 5341.47 3478.72
TOTAL : 115057.11 85494.57
* Includes following in respect of material produced during
Trial Runs and shown as Inventory:
Work-in-Progress 2464.44 -
Finished Goods 2617.91 -
5082.35 -
8: TRADE RECEIVABLES
Current- Unsecured
Considered Good 240549.80 194735.63
Having Significant increase in Credit Risk 7521.63 3341.84
Credit Impaired 2029.08 2923.93
Trade Receivables # 250100.51 201001.40
Less : Allowance for bad and doubtful Trade Receivables 9550.71 6265.77
TOTAL : 240549.80 194735.63
# Includes due from :
- Related Parties 5032.20 5332.71
Movements in allowance for bad and doubtful Trade
Receivables:
(+) Provision made during the year 4182.07 1321.93
(+)/(-)Adjustment for Exchange Difference on Translation (33.57) 149.19
(-) Amount utilised from provision (863.56) (61.36)
Closing Balance 9550.71 6265.77
32ND ANNUAL REPORT 2020 - 2021 | 135

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
9: CASH & BANK BALANCES
A) Cash & Cash Equivalents
i) Cash on hand 97.31 121.36
ii) Balances with Banks:
- In Current Accounts 25979.29 17901.17
- In Cash Credits Accounts 2271.66 125.48
- In Fixed Deposit Accounts 27242.73 55590.99 14669.05 32817.06
iii) Remittance in Transit 350.45 94.81
iv) Cheques on hand 50.85 194.40
Sub-Total (A) 55992.29 33106.27
B) Other Bank Balances

- In Fixed Deposits Accounts* 8312.12 10423.38
- In Unclaimed Dividend Accounts 115.90 120.80
- In Margin Money Accounts 1484.07 702.99
Sub-Total (B) 9912.09 11247.17
TOTAL (A+B): 65904.38 44353.44
*Pledged with Banks as margin for Letters of Credits,
Guarantees and Bills Discounted.
10: LOANS
Loans to Employees and others 5.46 6.08
Loan to a Joint Venture 55.13 56.54
Loans to Other Body Corporates 2963.63 3039.84
TOTAL : 3024.22 3102.46
Additional Information on Loan to a Joint Venture:
Name of the Company Rate of Rate of
Interest Interest
Digicyl Pte. Ltd.(Singapore) -Joint Venture 6.5% 55.13 6.50% 56.54
11: OTHER FINANCIAL ASSETS

Current Portion of Long Terms Loans given 29.71 50.47
Interest accrued on :
- Loan to Others 20.65 77.68
- Loan to a Joint Venture 8.67 5.22
- Deposits with Banks 228.34 124.29
Other Receivables 2762.90 39.05
TOTAL : 3050.27 296.71
12: OTHER CURRENT ASSETS

Advances recoverable 39653.09 30271.39
Advances recoverable from Related Parties 22.87 471.96
Advance recoverable from a Joint Venture 74.46 76.37
Balances with Excise / GST/ VAT Authorities 10252.18 8578.37
TOTAL : 50002.60 39398.09
136 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
13: SHARE CAPITAL

A AUTHORISED
The Holding Company authorised Capital is of Rs. 34000.00 Lacs (Previous Year Same) distributed into
1,90,00,000 (Previous Year Same) Preference Shares of Rs.100/- each and 15,00,00,000 (Previous Year
Same) Equity Shares of Rs. 10/- Each.
B ISSUED, SUBSCRIBED & PAID-UP
The Issued and Subscribed Capital of the Holding Company as at 31st March 2021 is of Rs. 7228.42 Lacs,
represented by 72284187 Equity Shares (Including 72701 Equity Shares forfeited) of Rs. 10/- each and the
paid-up Capital as at 31st March 2021 is of Rs.7221.15 Lacs, represented by 7,22,11,486 Equity Shares of
Rs. 10/- each . The reconciliation of the Equity Share Capital of the Holding Company is given as under:
Issued & Subscribed Fully Paid-Up Partly Paid-Up

Number Amount Number Amount Number Amount
(Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs)
Balance as at 1st April 2019 72284187 7228.42 72211486 7221.15 - -
Amount Originally paid up on the forfeited shares was of Rs. 3.89 Lacs (Previous Year Same).
The Holding Company's Paid-up Capital of 72211486 (previous Year Same) Equity Shares of Rs. 10/- each, is distributed
as under:
AS AT AS AT
31ST MARCH 2021 31ST MARCH 2020
NUMBER % NUMBER %
a) Promoter & Promoter Group 31784239 44.02 31784239 44.02
Of which Shareholders holding More than 5 %
of the Paid-up Capital
Flex International Pvt. Ltd. 9197577 12.74 9197577 12.74
Anshika Investments Pvt. Ltd. 5771092 7.99 5771092 7.99
A.R. Leasing Pvt. Ltd. 4994891 6.92 4994891 6.92
Anshika Consultants Pvt. Ltd. 3778524 5.23 3778524 5.23
Apoorva Extrusion Pvt. Ltd. 4323162 5.99 4323162 5.99
b) Public Shareholding * 40427247 55.98 40427247 55.98
i) Institution 4886637 6.77 5183539 7.18
ii) Non- Institution 35540610 49.21 35243708 48.80
* Of which Shareholder holding More than 5 % of
the Paid-up Capital
Kebale Trading Ltd. 5465840 7.57 5465840 7.57
Vistra ITCL (India) Ltd. 8548072 11.84 6915878 9.58
C RESTRICTION ON VOTING RIGHTS

The Holding Company has only one class of issued equity share capital as on the date of the balance sheet and
each holder of equity share is entitled for one vote per share and right to receive the dividend, if any, declared on
the equity shares.
D DIVIDEND
The Board of Directors of the Holding Company has recommended a final dividend of Rs.2.50 (Previous Year
Rs.2.00) per share aggregating to Rs.1805.29 lacs (Previous Year Rs. 1444.23 Lacs) for the financial year ended
31st March 2021 subject to the approval of the Shareholders in their ensuing Annual General Meeting.
32ND ANNUAL REPORT 2020 - 2021 | 137

14: OTHER EQUITY (Rs. in Lacs)
Particulars Reserve and Surplus Other Comprehensive Income Non Total
Capital Securities General Legal Retained Equity Exchange Exchange Remea- Share in Controlling
Reserve Premium Reserve Reserve Earnings Instrument differences differences surement aggregate Interest
through Other on on of Defined Other
Comprehensive translating devaluation Benefit Compre-
Income financial of Currency Plans hensive
statements Income of
CIN: L74899DL1988PLC032166
of foreign associate
operations
Balance as at 01st April 10557.89 57110.63 21496.73 2706.57 306112.40 (2265.20) 36954.93 (9,525.32) (532.02) (32.71) 628.32 423212.22
2019
Total Other (288.50) 5072.76 - (918.34) (12.74) 3853.18
138 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
Dividend Paid Including (1663.17) (1663.17)

Dividend Distribution Tax
Profit for the Year 36981.80 105.64 37087.44
Amount transferred to (1154.03) (1154.03)
Reserve
Amount Transferred from 279.75 874.28 1154.03
Statement of Profit & Loss
Capital Reserve (180.13) 180.13 -
transferred to Retained
Earnings on Sale of
Investment in Subsidiaries
(Net of Tax)
Balance as at 31st 10377.76 57110.63 21776.48 3580.85 340457.13 (2553.70) 42027.69 (9525.32) (1450.36) (45.45) 733.96 462489.67
March 2020
Total Other 467.13 2604.13 - (52.75) 9.26 - 3027.77
Dividend Paid (1444.23) (1444.23)
Profit for the Year 84290.01 77.83 84367.84
Amount transferred 338.76 (338.76) -
to Retained Earning
on Sale of Investment
recognized through Other
(Net of Tax)
Amount transferred to (2859.79) (2859.79)
Reserve
Amount Transferred from 939.83 1919.96 2859.79
Statement of Profit & Loss
Balance as at 31st 10377.76 57110.63 22716.31 5500.81 420781.88 (2425.33) 44631.82 (9525.32) (1503.11) (36.19) 811.79 548441.05
March 2021
UFLEX LIMITED
CIN: L74899DL1988PLC032166
Description of Reserves
1 Capital Reserve
This includes
a. Rs. 10288.18 Lacs towards amount of warrant application money forfeited by the Holding Company in the past
on non exercise of option by the warrant holders to convert the warrants into Equity Shares and Rs. 89.58
Lacs towards amount received by Holding Company on Equity Shares Forfeited in the past.
b. Rs. 180.13 Lacs arisen on consolidation of subsidiary which has been transferred from Capital Reserve to
Retained Earnings on disposal of the Subsidiary.
2 Securities Premium
Securities Premium was created by the Holding Company consequent to issuance of shares at Premium. These
reserves can be utilized in accordance with the provisions of Section 52 of the Companies Act, 2013.
3 General Reserve
General Reserve amount is net of Rs.143.27 lacs in respect of Goodwill written off in the past on the acquisition of
the Associate Company and includes :
a. Rs. 20164.05 Lacs created by the Holding Company in accordance with erstwhile Companies Act, 1956 &
Rules thereunder by transferring the Surplus in the Statement of Profit & Loss to the General Reserve, as per
the limits laid down thereunder on distribution of Profits to Shareholders, as dividend. This is a part of free
reserve and can be used for the purpose of distribution to Shareholders.
b. Rs. 2695.53 Lacs created in respect of Flex Americas SA de CV its wholly owned subsidiary in terms of the
legal requirement for the compulsory transfer 5% of the annual available surplus in the Statement of Profit &
Loss to the General Reserve.
4 Legal Reserve
Legal Reserve represents :
a. Rs. 2695.53 Lacs created in respect of Flex Americas SA de CV its wholly owned subsidiary in terms of the
legal requirement for the compulsory transfer 5% of the annual available surplus in the Statement of Profit &
Loss to the Legal Reserve. The Statutory Reserve cannot be distributed except in cases stated in the Law.
The company may resolve to discontinue such annual transfer when the accumulated balance becomes 20%
of its issued share capital.
b. Rs. 2805.28 Lacs created in respect of Flex Films (Egypt) S.A.E. its wholly owned subsidiary in terms of the
legal requirement for the compulsory transfer of the 5% of the annual available surplus in the Statement of
Profit & Loss to the Legal Reserve. The Statutory Reserve cannot be distributed except in cases stated in the
Law. The company may resolve to discontinue such annual transfer when the accumulated balance becomes
50% of its issued share capital.
(Rs. in Lacs)
15: BORROWINGS As At As At
31.03.2021 31.03.2020
A. Secured
Term Loans :
From Banks 306418.37 246999.53
From a Financial Institution 10855.52 11848.80
317273.89 258848.33
B. Vehicle Loans :
From Banks 137.80 259.53
From Others 162.12 58.11
299.92 317.64
C. Unsecured
From a Financial Institution ~ 5481.82 6100.07
From Bodies Corporate - 1500.00
5481.82 7850.07
Sub- Total (A+B+C) 323055.63 267016.04
Less: Current portion 42386.02 21902.03
TOTAL : 280669.61 245114.01
32ND ANNUAL REPORT 2020 - 2021 | 139

UFLEX LIMITED
CIN: L74899DL1988PLC032166
The Group is availing the Secured Term Loan Facilities from banks & others. Their repayment terms and other details are given as
under:
(Rs. in Lacs, except where otherwise stated)
Name of the Institution / Note Sanctioned O/s As At Current Long Repayment Terms
Banks / Others No Amount 31/03/2021 Portion Term
PART A: TERM LOANS
IFCI Limited a 15000.00 10873.00 2000.00 8873.00 Repayable in 32 Quarterly Installments
11873.00 1500.00 10373.00 commencing from June 2018, first four
installments of Rs. 250.00 Lacs each and
balance 28 installments of Rs. 500.00 Lacs
each.
UCO Bank a 20000.00 14703.89 3512.39 11191.50 Repayable in 24 Equal Quarterly Installments
15633.85 1666.67 13967.18 of Rs. 833.33 lacs each commencing from
February 2019. Post Covid Relaxation,
repayment schedule has been revised
effective Nov 20 and balance amount is
payable in 18 Equal Quarterly installments of
Rs. 878.10 lacs each and final installment of
Rs. 669.00 Lacs
Jammu & Kashmir Bank a 14930.00 14005.49 1,967.20 12038.29 Repayable in 32 Equal Quarterly Installments
Ltd. of Rs. 466.56 lacs each commencing from
14463.44 933.12 13530.32 February 2020. Post Covid Relaxation,
repayment schedule has been revised
effective Nov 20 and balance amount is
payable in 30 Equal Quarterly installments of
Rs. 491.80 lacs each & Last installment of Rs.
491.70 Lacs.
State Bank of India a 25000.00 7153.09 5000.00 2153.09 Repayable in 60 Equal Monthly Installments
9460.81 2916.67 6544.14 of Rs. 416.67 Lacs each commencing from
Oct 2017. However installments are restricted
to the extent of loan availed
State Bank of India a 15000.00 5404.55 2144.00 3260.55 Repayable in 82 installments, First installment
6249.81 1250.67 4999.14 is of Rs 535.71 lacs in Mar 2019 and rest in 81
Equal Monthly Installments of Rs 178.67 lacs
each from Apr 2019. However installments
are restricted to the extent of loan availed.
South Indian Bank a 5000.00 3395.76 754.79 2640.97 Repayable in 28 Quarterly Installments
3664.10 535.80 3128.30 commencing from June 2018. First 27 Equal
Quarterly Installments of Rs 178.60 Lacs
and last installment of Rs. 177.80 Lacs. Post
Covid Relaxation, repayment schedule has
been revised effective Sept 20 and balance
amount is payable in 20 Equal Quarterly
installments of Rs. 188.70 lacs each and last
installment of Rs. 187.90 Lacs.
Woori Bank a 3200.00 - - - Repayable in 12 Equal Quarterly Installments
1066.67 1066.67 - of Rs 266.67 commencing from May 2018.
Punjab National Bank a 5000.00 3972.70 714.29 3258.41 Repayable in 28 Equal Quarterly Installments
(erstwhile Oriental Bank of 4285.25 357.14 3928.11 of Rs. 178.57 Lacs each commencing from
Commerce) Apr 2019.
Woori Bank a$ 6000.00 6000.00 2000.00 4000.00 Repayable in 12 Equal Quarterly Installments
- - - of Rs. 500 Lacs each commencing from April
2021.
Indian Bank a$ 10000.00 8208.53 500.00 7708.53 Repayable in 34 Quarterly Installments (First
- - - 10 Installments of Rs. 125 Lacs each, next
4 installments of Rs. 250 Lacs each, next
12 installments of Rs. 375 lacs each, next
4 installments of Rs. 437.50 lacs each and
last 4 installments of Rs. 375 Lacs each)
commencing from March 2021.
140 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166

Bank of Maharashtra a$ 2500.00 498.69 240.00 258.69 Repayable in 26 Quarterly Installments
- - - (first 9 installments of Rs. 60 lacs Each,
next 8 installments of Rs. 100 Lacs, next 8
installments of Rs. 125 Lacs each and final
instalment of Rs. 160 Lacs) each commencing
from March 2021.
Qatar National Bank a$ 4000.00 4000.00 - 4000.00 Repayable in 16 Equal Quarterly Installments
- - - of Rs. 250 Lacs each commencing from June
2022.
Canara Bank a@ 875.00 777.78 583.33 194.45 Repayable in 18 Equal Monthly Installments
- - - of Rs. 48.61 Lacs each commencing from
February 2021.
Punjab National Bank a@ 260.00 216.68 173.28 43.40 Repayable in 18 Equal Monthly Installments
December 2020.
Punjab National Bank a@ 190.00 147.78 126.67 21.11 Repayable in 18 Equal Monthly Installments
(erstwhile Oriental Bank of - - - of Rs. 10.56 Lacs each commencing from
Commerce) January 2021.
State Bank of India a@ 598.91 432.24 400.00 32.24 Repayable in 18 Equal Monthly Installments
November 2020.
Union Bank of India a@ 270.00 225.00 180.00 45.00 Repayable in 18 Equal Monthly Installments
January 2021.
Bank of India a@ 183.00 164.70 138.71 25.99 Repayable in 18 Equal Monthly Installments
- - - First 6 instalments of Rs. 4.58 Lacs and
rest 12 instalments of Rs. 12.96 Lacs each
commencing from December 2020.
Emirates NBD- Egypt c Euro 3.20 - - - Repayable in 12 equal quarterly installments
Location Million of Euro 0.27 Million each commencing from
1143.69 415.88 727.81 February 2020.
QNB Alahi Bank - Egypt c Euro 40 34008.06 3689.91 30318.15 Repayable in 28 equal quarterly installments
Location Million of Euro 1.43 Million each commencing from
26058.86 - 26058.86 September 2021.
QNB Alahi Bank - Egypt c US $ 15 9650.85 1181.89 8468.96 Repayable in 28 equal quarterly installments
Location Million of US$0.54 Million each commencing from
9156.39 - 9156.39 September 2021.
QNB Alahi Bank - Egypt c US $ 25 1188.93 1188.93 - Repayable in 27 equal quarterly installments
Location Million of US$0.81 Million each commencing from
3635.47 2423.65 1211.82 January 2015.
QNB Alahi Bank - Egypt c US $ 3.90 272.08 272.08 - Repayable in 10 equal quarterly installments
Location Million 1395.37 1116.30 279.07 of US$0.39 Million each commencing from
January 2019.
QNB Alahi Bank - Egypt c Euro 2.80 915.79 770.19 145.60 Repayable in 10 equal quarterly installments
Location Million 1574.32 700.09 874.23 of Euro 0.28 Million each commencing from
January 2020.
BBVA Bancomer SA, d US $ 15 6247.50 1470.00 4777.50 Repayable in 30 equal quarterly installments
Mexico Location Million 9046.80 1507.80 7539.00 of US$0.50 Million each commencing from
Nov 2018.
OLB Bank - Kentucky e Euro 18.17 - - - Repayable in 17 equal consecutive semi-
(USA) Location Million 2665.30 1778.58 886.72 annual installments of Euro 1.07 Million each
(Formerly KBC Bank) commencing from July 2013
PKO Bank Loan- Poland f Euro 60 51699.55 778.40 50921.15 Repayable in 18 half yearly installments
Location Million 38900.96 - 38900.96 commencing on December 2021 and ending
on June 2030.
32ND ANNUAL REPORT 2020 - 2021 | 141

UFLEX LIMITED
CIN: L74899DL1988PLC032166

CBD- Dubai Location g US$ 30 18375.00 2940.00 15435.00 Repayable in 30 equal quarterly installments
Million of US $ 1.00 Million each commencing from
21863.10 3015.60 18847.50 February 2020.
CBD- Dubai Location h US$ 7 3789.63 192.94 3596.69 Repayable in 80 equal quarterly installments
Million - - - of US $ 0.09 Million each commencing from
Sep 2021.
Oldenburgische Landes j Euro 22.89 18737.41 1972.36 16765.05 Repayable in 20 equal half yearly installments
Bank Aktiengesellschaft- Million 17464.76 - 17464.76 of Euro 1.14 Million each commencing from
Nigeria Location March 21.
Oldenburgische Landes i Euro 8.50 7333.12 2095.18 5237.94 Repayable in 7 equal half yearly installments
Bank Aktiengesellschaft- Million 3109.59 - 3109.59 of Euro 1.21 Million each commencing from
Nigeria Location September 21.
First Bank of Nigeria- j N 4.5 Billion 12784.34 229.32 12555.02 Repayable in 20 quarterly installments
Nigeria Location 5849.29 - 5849.29 Commencing from December 2021.
Union Bank- Nigeria j N 4.5 Billion 6425.00 918.75 5506.25 Repayable in 20 quarterly installments
Location 2422.19 - 2422.19 Commencing from December 2021.
PKO Bank Loan- Hungary k Euro 45.85 39475.35 1975.17 37500.18 Repayable in 16 half yearly installments
Location Million 26433.09 - 26433.09 commencing from September 2021.
Unicredit Bank- Russia l US$ 40 26515.95 1019.84 25496.11 Repayable in 26 equal Quarterly Installments
Location Millions 21681.32 - 21681.32 commencing from February 2022.
Less: Adjustment for 324.55 126.35 198.20
Transaction Cost (Pending 249.08 84.54 164.54
Amortisation)
Sub Total (A) 317273.89 41003.27 276270.62
Previous Year 258848.35 21100.10 237748.25
PART B: VEHICLE LOANS
Jammu & Kashmir Bank b 26.40 20.44 5.01 15.43 Repayable in 60 Equal Monthly Installments
Ltd. 25.30 4.60 20.70 of Rs. 0.55 Lacs each commencing from
January 2020 including interest amount.
Jammu & Kashmir Bank b 239.00 - - - Repayable in 60 Equal Monthly Installments
Ltd. 49.71 49.71 - of Rs. 5.23 Lacs each commencing from
HDFC Bank Limited b 66.00 9.42 9.42 - Repayable in 48 Equal Monthly Installments
October 2017 including interest amount.
HDFC Bank Limited b 17.00 15.59 3.00 12.59 Repayable in 60 Equal Monthly Installments
YES BANK LIMITED b 130.00 36.35 36.35 - Repayable in 48 Equal Monthly Installments
69.81 33.46 36.35 of Rs. 3.17 Lacs each commencing from April
2018 including interest amount.
YES BANK LIMITED b 128.00 56.00 34.45 21.55 Repayable in 48 Equal Monthly Installments
November 2018 including interest amount.
Toyota Financial Services b 100.95 - - - Repayable in 47 Equal Monthly Installments
India Limited of Rs. 2.49 Lacs each commencing from
14.42 14.42 - November 2016 including interest amount.
Toyota Financial Services b 58.55 - - - Repayable in 36 Equal Monthly Installments
India Limited 13.68 13.68 - of Rs. 1.83 Lacs each commencing from
Toyota Financial Services b 17.00 14.41 5.44 8.97 Repayable in 36 Equal Monthly Installments
India Limited of Rs. 0.53 Lacs each commencing from
- - - October 2020 including interest amount.
Daimler Financial Services b 69.00 11.50 11.50 - Repayable in 48 Equal Monthly Installments
India Pvt. Ltd 30.01 18.50 11.51 of Rs. 1.69 Lacs each commencing from
November 2017 including interest amount.
142 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166

Daimler Financial Services b 72.00 68.10 16.34 Repayable in 48 Equal Monthly Installments
India Pvt. Ltd 51.76 of Rs. 1.74 Lacs each commencing from
- - - January 2021 including interest amount.
Daimler Financial Services b 72.00 68.11 16.34 51.77 Repayable in 48 Equal Monthly Installments
India Pvt. Ltd - - - of Rs. 1.74 Lacs each commencing from
Sub Total (B) 299.92 137.85 162.07
Previous Year 317.64 183.67 133.97
Total (A+B) 317573.81 41141.12 276432.69
Previous Year 259165.99 21283.77 237882.22
Previous Year figures have been given in italics

a These are secured a) on pari passu basis by way of hypothecation of specific movable properties of the Holding
Company (save and except book debts), both present & future, subject to prior charges created and / or to be
created in favour of Holding Company's bankers for working capital facilities, b) by first pari passu equitable
mortgage of specific immovable properties of the Holding Company situated at Malanpur (M.P.), Jammu (J &
K), NOIDA (U.P.) and Sanand (Gujarat)and c) by guarantee of Chairman & Managing Director of the Holding
Company. These are further secured by way of second pari passu charge on the current assets of the Holding
Company.
a $ In respect of these loans, charge by way of first pari passu equitable mortgage of specific immovable properties
of the Holding Company is yet to be created.
@ In respect of these Loans, charge by way of Second pari passu equitable mortgage of specific immovable properties
is yet to be created.
b Vehicle Loans are secured by way of hypothecation of Specific Vehicles of the Holding Company.
c These are secured by way of first charge on specific tangible and intangible assets of the Flex P. Films (Egypt)
S.A.E. Further loan from QNB Bank of US$ 25 Million is secured by way of Corporate Guarantee of Flex Middle
East FZE.
d This is secured by way of hypothecation of Specific Plant & Equipment and pari passu mortgage of Land & Building
of the Flex Amercias S.A. de C.V..
e This is secured by way of hypothecation of specific Plant & Equipment of the Flex Films (USA) Inc.
f This is secured by way of first charge on fixed assets, account receivable and inventories of Flex Films Europa Sp.
Z.o.o.
g This is secured by way of first charge on Building and Plant & Equipment of the Flex Middle East FZE and are
further secured by way of pari passu charge on account receivables and Inventories of the Company. These are
further secured by way of Pledge of 17 Equity Shares of AED Million each held by the Holding Company.
h This is secured by way of first charge on Specific Building and Plant & Equipment of the Flex Middle East FZE and
are further secured by way of pari passu charge on account receivables and Inventories of the Company.
i These are secured by way of first charge on the specific assets of Flex Films Africa Pvt. Ltd. financed by the Bank
and are further guaranteed by the Holding Company.
j These are secured by way of pari passu charge on the Flex Films Africa Pvt. Ltd. fixed assets (other than equipment
covered under loan as per i above) and are further guaranteed by the Flex Middle East FZE.
k These are secured by way of first charge on specific tangible and intangible assets of the Flex Films Europa kft.
l These are secured by way of first charge on specific tangible and intangible assets of the Flex Films RUS LLC, and
further guaranteed by Flex Middle FZE.
~ These are secured by a) exclusive first charge by way of hypothecation of Specific aircrafts owned by M/s A.R.
Airways Pvt. Ltd., b) corporate guarantee of A.R. Airways Pvt. Ltd. and c) guarantee of Chairman & Managing
Director of the Holding Company.
32ND ANNUAL REPORT 2020 - 2021 | 143

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
Securities Received 1174.09 1432.62
Retention Money 191.00 449.29
TOTAL : 1365.09 1881.91
17: PROVISIONS
Gratuity 1071.24 1003.63
TOTAL : 2851.94 2842.02
18: DEFERRED TAX LIABILITIES (NET)

Add / (Less):
Adjustment for Exchange Difference on Translation 377.85 202.58
Provision of Deferred Tax charge / (Credit) for the year * 10499.48 632.22
TOTAL : 29607.21 18729.88
*Excludes Rs. Nil Lacs (Previous year includes Rs. 185.90 Lacs) adjusted in Pre-operative Expenses.
The Cumulative Tax effects of significant temporary differences, that resulted in Deferred Tax Assets & Liabilities and
description of item thereof that creates these differences are as follows :
(Rs. in Lacs)
Deferred Tax Current Year Adjustment Deferred Tax
Assets / (Charge) / For Exchange Assets /
(Liabilities) Credit Difference on (Liabilities)
As At Translation As At
01.04.2020 31.03.2021
Deferred Tax Assets
Unabsorbed depreciation & tax losses 2277.23 (1921.47) 13.30 369.06
Other than unabsorbed depreciation & carry 4757.61 1266.96 (1.81) 6022.76
forward of losses.
Unutilised Tax Credit 7354.70 (7354.70) - -
Total (A) 14389.54 (8009.21) 11.49 6391.82
Deferred Tax Liabilities
Excess of Book WDV of Fixed Assets over Tax (33119.42) (2490.27) (389.34) (35999.03)
WDV of Fixed Assets
Total (B) (33119.42) (2490.27) (389.34) (35999.03)
Net Deferred Tax (Liability) (A-B) (18729.88) (10499.48) (377.85) (29607.21)
Income Tax Expense in the Total Comprehensive Income represents; (Rs. in Lacs)
31.03.2021 31.03.2020
In Statement of Profit & Loss
- Current tax 20080.98 10170.03
- Deferred tax 10499.48 818.12
29851.44 10998.09
In Statement of Other Comprehensive Income
Items that will not be reclassified subsequently to Profit or Loss
Fair Value Changes/ Realised of / on Equity Instruments 89.05 -
(Tax Liability on sale of Investment) -
89.05 -
144 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
19: BORROWINGS
Secured
Working Capital Facilities From Banks 65542.47 79235.52
Unsecured
From Banks 1652.85 913.81
From Others 8262.00 10727.00
From a Related Parties - 1175.00
TOTAL : 75457.32 92051.33
1 Working capital facilities availed by the Holding Company from banks are secured a) on first pari passu basis, by
way of hypothecation of stock of raw materials, semi-finished goods, finished goods and book debts of the Holding
Company, both present and future, b) by way of second pari passu charge on specific fixed assets of the Holding
Company, situated at Malanpur (M.P.), Jammu (J & K), NOIDA (U.P.) and Sanand (Gujarat), and c) by guarantee
of Chairman & Managing Director of the Holding Company.
2 Working Capital Facilities availed by Flex P. Films (Egypt) S.A.E. are secured by way of pari pasu charge over the
current assets of the Company. Further the working Capital facilities of US$ 19 Million from QNB Al Ahli Bank is
further secured by way of Corporate Guarantee given by its Parent and Group Holding Company.
3 Working Capital Facilities availed by Flex Americas SA de C.V. from the BBVA Bancomer S.A. is secured by way
of charge over fixed assets and current assets of the Company.
4 Working Capital facilities availed by Flex Films USA Inc. from Chase Bank is secured by way of first charge on the
company's specific fixed assets, account receivables and inventory. This is further secured by way of Corporate
Guarantee of Group Holding Company.
5 Working Capital facilities availed by Flex Films Europa Sp Z.o.o. from PKO Bank is secured by way of first charge
on the company's fixed assets, account receivables and inventory.
6 Working Capital Facilities availed by the Flex Middle East FZE, Dubai are secured by way of hypothecation of all
current assets of the Company. Further working capital facilities from CBD are secured by way of mortgage over
the Plant & Machinery and Building of the Company.
7 Working Capital Facilities availed by Flex Films Europa kft, Hungary from PKO Bank are secured by way of first
charge on specific tangible and intangible assets of the Company.
8 Working Capital Facilities availed by Flex Films Rus LLC from UNICREDIT Bank are secured by way of charge
over all current assets of the Company.
9 Working Capital Facilities availed by Flex Films Africa Pvt Ltd from Banks are secured by way of pari passu charge
over all current assets of the Company.
20: TRADE PAYABLES (Rs. in Lacs)

As At As At
31.03.2021 31.03.2020
Total outstanding dues of creditors other than Micro, Small & 115204.09 90487.12
Medium enterprises and Related Parties
Total outstanding dues of Micro, Small & Medium enterprises 1497.21 989.55
Due to Related Parties 18009.74 13771.00
TOTAL : 134711.04 105247.67
32ND ANNUAL REPORT 2020 - 2021 | 145

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
Current Maturities of Long Term Borrowings 42386.02 21902.03
Capital Creditors 9743.30 9535.82
Interest Accrued but not due on Loans
- From a Related Party - 60.47
- From Others 367.00 824.39
Interest Accrued but not due on Term Loans
- From Banks 171.47 487.11
- From Financial Institutions 91.48 100.58
Unclaimed Dividend* 115.90 120.80
Due to Employees 4237.29 2725.50
Others Payable 7661.09 8298.99
Book Overdraft 1623.83 91.64
TOTAL : 66397.38 44147.33
*These figures do not include any amount, due and

outstanding, required to be transferred to Investor
Education and Protection Fund.
22: OTHER CURRENT LIABILITIES

Advances from Customers 10063.72 6613.91
Advances from a Related Party 371.14 -
Statutory Dues 8637.46 2091.37
TOTAL : 19072.32 8705.28
23: PROVISIONS
Staff Benefits 1388.12 1554.40
Warranty 69.85 28.97
TOTAL : 2542.01 2535.64
24: CURRENT TAX LIABILITIES (NET)

Current Income Tax (Net) 8467.37 7131.66
TOTAL : 8467.37 7131.66
(Rs. in Lacs)
31.03.2021 31.03.2020
25: REVENUE FROM OPERATIONS
A. i) REVENUE FROM SALE OF PRODUCTS
Gross Sales 906556.53 763005.88
Less : Inter Unit Sales 42006.91 39137.02
864549.62 723868.86
ii) REVENUE FROM SALE OF SERVICES
Gross Job work / Services Rendered 5485.52 5497.85
Less : Inter Unit Job Work 2584.00 2410.67
2901.52 3087.18
TOTAL (A) : 867451.14 726956.04
146 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
31.03.2021 31.03.2020
B. OTHER OPERATING INCOME
Scrap Sales 7316.69 4855.13
Packing,Forwarding and Insurance Recoveries 710.10 455.73
Exchange Rate Fluctuation (Net) 4361.92 1641.14
Export Incentive 4899.03 2610.15
GST Refund 3923.80 3705.53
Miscellaneous Operating Income 227.17 155.94
Sundry Credit Balances Written Back 185.80 104.62
TOTAL (B) : 21624.51 13528.24
TOTAL (A+B): 889075.65 740484.28
26: OTHER INCOME

Gain on Sale of Investment Property - 10.19
Gain on Disposal of Right of use Assets 9.54 -
Gain on sale of Investments (Net)
- On Disposal of Subsidiary - 541.72
- On sale of Units of Mutual Funds 0.26 -
Miscellaneous Income 325.47 577.87
Interest :
- from Banks 947.59 533.20
- from Others 21.72 260.91
Investment Income:
- Dividend received on Investments carried at Fair - 3.43
value through other comprehensive income
TOTAL : 2280.32 2846.84
27: COST OF MATERIALS CONSUMED

Opening Stock 39256.71 36898.54
Add : Purchases 528286.54 470580.51
567543.25 507479.05
Less : Inter Unit Purchases 41484.83 38756.93
526058.42 468722.12
Less : Closing Stock 57991.90 468066.52 39256.71 429465.41
TOTAL : 468066.52 429465.41
28: CHANGE IN INVENTORIES OF FINISHED

GOODS, WORK -IN-PROGRESS AND STOCK-
IN-TRADE
Opening Stock :
38942.39 34128.01
Less: Closing Stock :
42191.98 38942.39
TOTAL : (3249.59) (4814.38)
32ND ANNUAL REPORT 2020 - 2021 | 147

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
31.03.2021 31.03.2020
29: EMPLOYEE BENEFITS EXPENSE
Salaries,Wages,Bonus,Benefits and Amenities 73037.52 66462.57
Contribution to Provident Fund and Other 4134.73 3469.30
Funds
Employee Welfare Expenses 2725.51 2626.85
TOTAL : 79897.76 72558.72
30: FINANCE COSTS

Interest
- On Loans for Fixed Period 14372.36 13531.66
- On Other Loans / Liabilities 4944.64 5509.49
- On Lease Liabilities 281.00 286.77
- On Shortfall in payment of Advance Tax 253.00 19851.00 132.00 19459.92
Discounting & Financial Charges 3055.76 3019.05
TOTAL : 22906.76 22478.97
31: OTHER EXPENSES

A. OTHER MANUFACTURING EXPENSES
Power & Fuel Consumed 39593.65 37007.08
Repair & Maintenance-Machinery 12043.22 10401.12
Stores Consumed 7563.80 5915.86
Tools, Jigs & Dies 274.89 248.04
Packing Material Consumed 24256.60 19583.63
Flexo Plates / Processing Charges for 4200.77 3930.06
Cylinders
Less : Inter Unit Charges 3106.07 2790.76
1094.70 1139.30
Design & Development Charges 6.99 27.79
Job Work Charges 1581.94 1393.85
Royalty Expenses 457.56 318.26
Other Direct Charges 156.28 84.60
R & D Charges 212.68 153.47
TOTAL (A) : 87242.31 76273.00
B. ADMINISTRATIVE, SELLING & OTHER

EXPENSES
Short Term Leases 1590.10 1408.14
Leases of Low value 15.44 10.90
Rates & Taxes 792.80 881.93
Insurance charges 2731.56 1894.79
Electricity & Water charges 529.48 540.14
Printing & Stationery 296.43 287.16
Postage & Telephone Expenses 899.62 986.58
148 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
31.03.2021 31.03.2020
Vehicle Running & Maintenance Expenses 634.33 521.64
Conveyance & Travelling Expenses 4062.14 6938.62
- Building 1393.55 952.11
- Others 8582.56 5126.95
Legal & Professional Charges 3426.95 3138.82
Directors' sitting fees 30.00 26.50
General Expenses 5377.48 4990.76
Commission on Sales 1127.30 1090.36
Advertisement & Publicity 676.66 1258.51
Entertainment Expenses 531.95 577.80
Charity & Donation 110.32 29.46
Corporate Social Responsibility Expenditure 222.24 68.90
Freight & Forwarding charges 30411.20 24050.36
Goodwill Written Off - 0.20
Loss on Sale of Right to Use Assets - 1.19
Amount utilised from allowance for bad and (863.56) (61.36)
doubtful Trade receivables
Allowance for bad and doubtful Trade 4182.07 1321.93
receivables
Sundry Debit Balances / Bad Debts written-off 5437.57 2730.32
Quality Claims 1181.07 538.63
TOTAL (B) : 73706.96 59335.95
TOTAL :(A+B) 160949.27 135608.95
Additional Disclosure in respect of Investment
Properties, that generated rental income;
Insurance 24.47 3.16
- Building 22.86 17.64
Finance Cost on Lease Liabilities 1.96 1.96
Amortization of Right to Use Assets 0.28 0.28
49.57 23.04
32: EXPENSES ALLOCATED TO SELF CON-

STRUCTED ASSETS
Cost of Material Consumed 1719.87 546.77
Employee Benefits Expense 529.80 581.71
Depreciation and amortisation expense 140.42 110.19
Other Expenses 369.07 289.85
TOTAL : 2759.16 1528.52
32ND ANNUAL REPORT 2020 - 2021 | 149

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
As At As At
31.03.2021 31.03.2020
33: I CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
A i) Show cause notice / demands of Excise Authorities in respect of 4888.29 5258.37
Excise Duty & Service Tax not acknowledged by the Company
and are contested / appealed / replied.
ii) Show cause notice / demands of Goods & Service Tax (GST) 29.69 17.63
Authorities in respect of GST not acknowledged by the Company
and are contested / appealed / replied.
iii) Additional demands raised by the Income Tax Department, which 1139.48 1129.48
are under rectification & appeal.
iv) Additional demands raised by the Sales Tax Department, which 1366.34 1397.96
are under rectification & appeal.
v) Amount demanded by the erstwhile workers of the Company and 15.92 15.92
are pending in labour Court.
vi) Claims against the Company/disputed liabilities not acknowledged 439.90 440.07
as debt.
vii) Demand raised by the Concerned Development corporation on 62.69 62.69
surrender of unutilised Industrial Leasehold Land.
viii) Demands raised by the Electricity Departments, which are paid 364.29 509.52
and protested or under appeal.
B i) Guarantees issued by Banks 3710.08 3299.88
ii) Import duty obligations on outstanding export commitment under 43555.20 28907.50
Advance Licence / EPCG Schemes.
iii) Letters of Credit (Unexpired) issued by Banks (Net of Margin) 7415.45 13423.27
C Liability in respect of Bonus for the FY 2014-15 arising due to 429.85 429.85
retrorespective amendment in the Payment of Bonus (Amendment)
Act, 2015; which is contested by the Company.
II The share in aggregate contingent liability of the Associate 314.43 364.04
i) In respect of Litigations 248.46 320.37
ii) In respect of Other Matters 65.97 43.67
34: CAPITAL COMMITMENTS :

a. The estimated amount of contracts remaining to be executed on 66487.97 23726.87
capital account (Net of advances) and not provided for :
b. The share in the aggregate capital commitments of the Associate 822.72 451.98
35: DISCLOSURES FOR ASSETS UNDER OPERATING LEASES

The following disclosures are made in respect of leases as required under Ind AS-116 on "Leases",
(Rs. in Lacs)
Note No Current Year Previous Year
i) Depreciation Charge on Right to Use Assets 2D 992.83 968.26
ii) Interest Expense on Lease Liabilities 30 281.00 286.77
iii) Short Term Leases 31B 1590.10 1408.14
iv) Low Value Leases 31B 15.44 10.90
v) Variable Lease Payments - -
vi) Total Cash Outflows on Right to Use Assets 1102.10 1199.69
vii) Additions to Right to Use Assets 2D 2933.79 4846.28
viii) Carrying amount of Right to Use Assets 2D 5499.38 3675.71
150 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
36: DEFINED BENEFIT PLAN
a) Gratuity
The present value of obligation is determined based on actuarial valuation using the Projected Unit credit
Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement
and measures each unit separately to build up the final obligation. The additional disclosure in terms of Indian
Accounting Standard-(Ind AS)-19, "Employee Benefits", is as under:
(Rs. In Lacs)
a. Reconciliation of opening and closing balances of obligation Current Year Previous Year
Benefits paid (512.76) (499.11)
b. Reconciliation of opening and closing balances of fair

value assets
Plan assets at period beginning, at fair value 4314.70 3643.39
Interest Income 293.19 281.14
Return on Plan Assets excluding Interest Income 311.81 (141.46)
Contributions 730.00 1030.74
Benefits paid (512.76) (499.11)
Plan assets at period end, at fair value 5136.94 4314.70
c. Amount Recognized in Balance Sheet

the period
Fair value of plan assets at the end of the period (5136.94) (4314.70)
Liability/ (Asset) recognized in the balance sheet 852.99 989.86
d. Gratuity cost for the period

Expected return on plan assets (293.19) (281.14)
Net Gratuity Cost recognised in Statement of Profit & 540.38 476.93
Loss
e. Remeasurement (gains) and losses

Actuarial (gain) / loss due to change in unexpected 364.56 776.88
experience / assumptions
Return on Plan assets, excluding interest income (311.81) 141.46
Net Gratuity Cost recognised in Statement of Other 52.75 918.34
Assumptions
Estimated rate of return on plan assets 6.8% P.A. 6.8% P.A.
The expected benefits increases are based on the same assumptions as are used to measure the Company's
defined benefit plan obligations as at 31st March 2021. The company is expected to contribute Rs.1365.32
32ND ANNUAL REPORT 2020 - 2021 | 151

UFLEX LIMITED
CIN: L74899DL1988PLC032166
lacs to defined benefits plan obligations fund for the year ending 31st March 2022.
The significant accounting assumptions are the discount rate and expected salary increases. The sensitivity
analysis below have been determined based on reasonable possible changes of the respective assumptions
occurring at the end of the reporting period while other assumptions are constant.
If the discount rate increases /(decreases) by 0.5%, the defined benefit plan obligations would decrease by
Rs.223.11 Lacs (increase by Rs.239.46 Lacs) as at 31st March 2021.
If the expected salary growth increases /(decreases) by 0.5%, the defined benefit plan obligations would
increase by Rs.237.98 Lacs (decrease by Rs.223.46 Lacs) as at 31st March 2021.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of
the assumptions may be correlated.
Further in presenting the above sensitivity analysis, the present value of the defined benefit obligations has
been calculated using the Projected Unit Credit Method at the end of the reporting period, which is the same
as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.
b) Leave Encashment
The Group has provided for its Liability towards Leave encashment, based on the actuarial valuation,
disclosure whereof in terms of Indian Accounting Standard (Ind AS)- 19, "Employee Benefits" is as under:
(Rs. In Lacs)
a. Reconciliation of opening and closing balances of
obligation
Benefits paid (661.75) (520.65)
b. Amount Recognized in Balance Sheet
Present value of the defined benefit obligations at the end of the 2432.91 2480.95
period
Liability recognized in the balance sheet 2432.91 2480.95
c. Leave Encashment cost for the period
Net Leave Encashment cost for the period 613.71 1131.96
Assumptions
37: PREVIOUS YEAR FIGURES HAVE BEEN RECASTED / REGROUPED/ RECLASSIFIED, WHEREVER
CONSIDERED NECESSARY.
38: The outbreak of coronavirus disease 2019 (COVID-19) has created an unprecedented global health crisis that
has a deep impact on the businesses and economy. Uflex operates in multiple countries across the globe – both
in terms of its manufacturing operations and the markets for its products and all these countries had imposed
lockdowns of varying types aimed at containing the spread of the virus. Given that Uflex business is manufacturing
of Flexible Packaging Films and Flexible Packaging, which is predominantly used in food and Pharma packaging,
all out efforts were being made by all countries to ensure the adequate supply of food and medicines to the public,
which was made possible only due to seamless continued operations of packaging industry. While Uflex did face
initial administrative and supply chain challenges in some countries during initial lockdown period, but there was
no impact on its overall production and sales volumes during the period. While Uflex believes that its business
will continue to remain unscathed by the pandemic; however there could be uncertainties in the future due to
152 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
underlying developments w.r.t COVID 19, which are difficult to predict.

39: Due to Outbreak of fire certain assets situated in factory premises at Jammu Unit 2 and at Sector-60 Noida were
damaged during the year ended 31st March 2020. These assets are covered under insurance on reinstatement
basis for which intimation has already been given to the insurance company and the company will submit final
claims upon reconstruction of damaged assets. The Holding company is in the process of reconstructing these
assets and has incurred Rs. 2728.61 lacs till 31st March 2021 (Net of adhoc claims received), towards assets
destroyed during outbreak of fires, which is expected to be recovered in full.
40: EARNINGS PER SHARE

The following disclosure is made, as required by Indian Accounting Standard (Ind AS-33) on "Earnings Per Share":
(A) Profit for the year, after Adjustments, for computation of Basic
Earnings & Diluted Earnings Per Share (Rs in Lacs); (viz.Numerator) 84290.01 36981.80
(Rs.in lacs)
(B) Weighted Average Number of Equity Shares (viz. denominator) for
Basic
(i) Earnings Per Share 72211486 72211486
(ii) Weighted Average Number of Equity Shares (viz. denominator) 72211486 72211486
for Diluted Earnings Per Share
(C) Nominal Value Per Share Rs. 10/- Rs. 10/-
(D) Earnings Per Share
(a) Basic [A/B(i) (Rs.)] 116.73 51.21
(b) Diluted [A/B(ii) (Rs.)] 116.73 51.21
41: SEGMENT DISCLOSURE
Segment disclosure in accordance with the Ind AS 108 on " Operating Segments" are as under:
Accounting Principles and policies, as reported in Significant Accounting polices, used in the preparation of financial
statements are consistently applied to record revenue, expenditure, assets and liabilities, in each segment.
For the Year Ended 31st March 2021 (Rs. in Lacs)

Activities
Revenue from
- External Customers 859914.90 28690.94 469.81 889075.65
- Transaction with other operating segments - 6574.51 - 6574.51
Total Revenue 859914.90 35265.45 469.81 895650.16
Operating Profit 192322.81 7504.73 (19539.62) 180287.92
Share in Profit of Associate for the Year 565.57
Share in (Loss)/ Profit of Joint Ventures for the Year (435.01)
EBIDTA 182698.80
EBITA 137126.04
32ND ANNUAL REPORT 2020 - 2021 | 153

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Segment Assets 1063008.32 52904.55 66453.00 1182365.87

For the Year Ended 31st March 2020 (Rs. in Lacs)
Activities
Revenue from
- External Customers 718427.88 22170.69 (114.29) 740484.28
- Transaction with other operating segments - 4518.33 - 4518.33
Total Revenue 718427.88 26689.02 (114.29) 745002.61
Operating Profit 116413.13 5352.22 (13559.42) 108205.93
Share in Profit of Associate for the Year 320.12
Share in (Loss)/ Profit of Joint Ventures for the (488.98)
Year
EBIDTA 110883.91
EBITA 70564.50
Segment Assets 891254.62 46815.00 63567.91 1001637.53
42: RELATED PARTY DISCLOSURES
(a) List of Related Parties (as per IND AS-24) :

i) Associate : Flex Foods Limited
ii) Joint Venture : Digicyl Pte. Ltd. (Singapore) & Digicyl Ltd. (Israel) being Wholly owned subsidiary of
Digicyl Pte. Ltd. (Singapore)
iii) Key Management Personnel & their relatives / HUF : Mr. Ashok Chaturvedi, Chairman & Managing
Director (relatives Mrs. Rashmi Chaturvedi and Ms. Anshika Chaturvedi), Ashok Chaturvedi (HUF), Mr.
Amitava Ray, Wholetime Director (upto 01/02/2021), Mr. Jagmohan Mongia, Whole time Director w.e.f.
11/02/2021, Mr. Rajesh Bhatia, CFO, Mr. Ajay Krishna, Company Secretary, Mr. Anantshree Chaturvedi
(Director of Flex Middle East FZE) , Mr. Apoorva Shree Chatuvedi (Director of Flex Films Europa SP. Z.
O.O.), Mr. Sandeep Saxena (Director of Flex Middle East FZE ), Mr. Sanjay Tikku (Director of Flex Films
Africa Pvt. Ltd.), Mr. Sushil Ramchandani (Director of Flex Films Africa Pvt. Ltd.), Mr.Pradeep Srivastava
(Director of Uflex Europe Ltd.), Mr. Junaid Khan (Director of Flex Films Rus,LLC) and Mr. Parvesh Anand
(Director of Flex Films (USA) Inc.)
iv) Other Related Enterprises : AKC Retailers Pvt. Ltd., Anshika Investments Pvt. Ltd., Anant Overseast Pvt.
Ltd., Apoorva Extrusion Pvt. Ltd., Anshika Consultants Pvt. Ltd., A.R. Leasing Pvt. Ltd., A.R.Infrastructures
& Projects Pvt. Ltd., AC Infrastructures Pvt. Ltd., Cinflex Infotech Pvt. Ltd.,Flex International Pvt. Ltd.,
Ultimate Infratech Pvt. Ltd., Ultimate Flexipack Ltd., Ultimate Prepress LLP, Naveli Collections Pvt. Ltd.,
Modern Info Technology Pvt. Ltd., Magic Consultants Pvt. Ltd.and A.L.Consultants Pvt. Ltd.,
154 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(b) The Group has entered into transactions with certain parties listed above during the year under consideration.
Details of these transactions are as follows :
(Rs. in Lacs)
Transactions Associate Joint Key Other Related Total
Venture Management Enterprises
Personnel as referred to
& their Relatives in 'a (iv)'
/ HUF above
i) Trade Transactions
Sale of Goods/Services (Net) 44.14 - - 4020.70 4064.84
33.97 - - 7905.22 7939.19
Purchase of Goods/Services (Net ) - - - 27838.72 27838.72
- - - 32870.43 32870.43
Purchase of Fixed Assets - - - 2.40 2.40
- - - 365.31 365.31
Sale of Fixed Assets - - - - -
7.13 - - 3.34 10.47
Purchase of DEPB 71.91 - - - 71.91
55.09 - - - 55.09
Rent Received 9.00 - 61.20 55.56 125.76
9.00 - 48.05 24.08 81.13
Rent Paid - - 264.00 190.58 454.58
- - 240.00 71.64 311.64
Royalty Expenses - - 210.00 - 210.00
- - 85.00 - 85.00
Interest Paid on Loans 6.53 - - 19.70 26.23
5.47 - - 173.57 179.04
Interest Received - 3.58 - - 3.58
- 3.68 - 61.51 65.19
Dividend Received 44.03 - - - 44.03
58.70 - - - 58.70
Security Deposit Received - - - - -
- - - - -
Security Deposit Paid - - - - -
- - 100.00 - 100.00
Refund of Security Deposit given - - - - -
- - 100.00 - 100.00
Remuneration * - - 4118.52 - 4118.52
- - 2036.89 - 2036.89
ii) Non Trade Transactions
Loan Taken - - - - 0.00
100.00 - - 480.00 580.00
Repayment of Loan Taken 100.00 - - 675.00 775.00
- - - 125.00 125.00
Dividend Paid - - 46.43 589.25 635.68
- - 46.43 589.25 635.68
Loan Given - - - - 0.00
32ND ANNUAL REPORT 2020 - 2021 | 155

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
Transactions Associate Joint Key Other Related Total
Venture Management Enterprises
Personnel as referred to
& their Relatives in 'a (iv)'
/ HUF above
- - - 330.00 330.00
Recovery of Loan Given - - - - 0.00
- - - 70.00 70.00
Payment of Lease Liabilities - - - 228.79 228.79
- - - 345.81 345.81
Total 275.61 3.58 4700.15 33620.70 38600.04
269.36 3.68 2656.37 43415.16 46344.57
Balance as on 31.03.2021
Debit 0.01 138.25 - 5055.64 5193.90
8.41 138.13 - 5796.26 5942.80
Credit - - 1158.99 18365.21 19524.20
104.93 - 78.07 22717.77 22900.77
Previous Year figures have been given in Italic.
* Includes Rs in Lacs
Salary 2906.34 1994.34
Perquisites 57.38 35.82
Short Term Employees Benefits 19.80 6.73
Commission 1135.00 -
Total 4118.52 2036.89
43: FINANCIAL INSTRUMENTS

The carrying value of instruments by categories are as follows:
(Rs. in Lacs)
Particulars Amortised Financial Financial Total
Cost assets / assets / Carrying
liabilities at liabilities at Value
fair value fair value
through Profit through OCI
or Loss
Assets
Cash and cash equivalents (Including CY 65904.38 - - 65904.38
Other Bank Balances) PY 44353.44 44353.44
Investments
Equity and other securities CY 20255.95 - 273.93 20529.88
PY 19725.15 145.56 19870.71
Trade Receivables CY 240549.80 - - 240549.80
PY 194735.63 194735.63
Loans CY 7028.55 - - 7028.55
PY 6567.88 6567.88
Other financial assets CY 3078.56 - - 3078.56
156 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
(Rs. in Lacs)
Particulars Amortised Financial Financial Total
Cost assets / assets / Carrying
liabilities at liabilities at Value
fair value fair value
through Profit through OCI
or Loss
PY 1279.80 1279.80
Total CY 336817.24 - 273.93 337091.17
PY 266661.90 - 145.56 266807.46
Liabilities
Trade payables CY 134711.04 - - 134711.04
PY 105247.67 - - 105247.67
Other financial liabilities CY 67762.47 - - 67762.47
PY 46029.24 - - 46029.24
Borrowings CY 356126.93 - - 356126.93
PY 337165.34 - - 337165.34
Lease Liabilities CY 5562.38 - - 5562.38
PY 3539.98 - - 3539.98
Total CY 564162.82 - - 564162.82
PY 491982.23 - - 491982.23
Fair Value hierarchy disclosures:

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Input other than quoted price included within Level 1 that are observable for the assets or liability; either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
Particulars Total Level 1 Level 2 Level 3

Investment in equity instruments CY 273.93 273.93 - -
PY 145.56 145.56 - -
Investment in Preference Shares CY 15250.00 - - 15250.00
PY 15250.00 - - 15250.00
44: FINANCIAL RISKS MANAGEMENT

In the course of business, amongst others, the Group is exposed to several financial risks such as Credit Risk,
Liquidity Risk, Interest Rate Risk, Exchange Risk and Commodity Price Risk. These risks may be caused by the
internal and external factors resulting into impairment of the assets of the Group causing adverse influence on the
achievement of Group’s strategies, operational and financial objectives, earning capacity and financial position.
The Group has formulated an appropriate policy and established a risk management framework which encompass
the following process.
- identify the major financial risks which may cause financial losses to the Group
- assess the probability of occurrence and severity of financial losses
- mitigate and control them by formulation of appropriate policies, strategies, structures, systems and procedures
- Monitor and review periodically the adherence, adequacy and efficacy of the financial risk management system.
The Group enterprise risk management system is monitored and reviewed at all levels of management, Audit
Committee and the Board of Directors from time to time.
32ND ANNUAL REPORT 2020 - 2021 | 157

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Credit Risk
Credit Risk refers to the risks that arise on default by the counterparty on its contractual obligation resulting into
financial loss to the Group. The Group may carry this Risk on Trade and other receivables, liquid assets and some
of the non current financial assets.
In case of Trade receivables, the Group has framed appropriate policy for extending credits period & limit to each
customer based on their profile, financial position and their external rating etc. The collections of trade dues
are strictly monitored . In case of Export customers, even credit guarantee insurance is also obtained wherever
required.
Group’s exposure to Credit Risk is also influenced by the concentration of risk from top five customers. The details
in respect of the% of sales generated from the top customer and top five customers are given hereunder.
Particulars Current Year Previous Year

Revenue from Top Customer 7% 10%
Revenue from Top Five Customers 15% 18%
The credit risk on cash & cash equivalent, investment in fixed deposits, liquid funds and deposits are insignificant
as counterparties are banks or mutual funds with high credit ratings assigned by the rating agencies of international
repute.
Liquidity Risk
Liquidity Risk arises when the Group is unable to meet its short term financial obligations as and when they fall due.
The Group maintains adequate liquidity in the system so as to meet its all financial liabilities timely. In addition to
this, the Group’s overall financial position is very strong so as to meet any eventuality of liquidity tightness.
Contractual maturities of financial liabilities are given as under:
(Rs. in Lacs)
Particulars As at Due within 12 Due beyond 12

31st March 2021 months from months of
Balance sheet Balance Sheet
Date Date
Borrowings 398512.95 117843.34 280669.61
Lease Liabilities 5562.38 835.12 4727.26
Trade payables
Total outstanding dues of Micro, Small & 1497.21 1497.21 -

Medium enterprises
Total outstanding dues of creditors other 133213.83 133213.83 -

than Micro, Small & Medium enterprises
Other Financial Liabilities 25376.45 24011.36 1365.09
Interest Rate Risk

Generally market linked financial instruments are subject to interest rate risk. The Group does not have any
marked linked financial instrument both on the asset or liability side. Hence no interest rate risk.
In case of the borrowings by the Group, the Group is subject to interest rate risk on account of any fluctuation in
the base prime lending rate (BPLR) fixed by the banks. Every fluctuation in the BPLR of the bank either on the
higher or lower side will result into financial loss or gain to the Group.
The debt of the company is linked with the BPLR for loans from Indian Banks and for overseas entities major
portion of the debt is linked with the LIBOR The total proportions of loans based on variable rate of interest is Rs.
283868.21 Lacs out of the total debt of Rs. 398512.95 Lacs.
158 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
CIN: L74899DL1988PLC032166
Based on the structure of net debt as at year end, a one percentage point increase in the debt would cause an
additional expense in the net financing cot of Rs. 2838.68 Lacs.
Foreign Currency Risk
The Group is exposed to the foreign currency risk from transactions & translation. Transactional exposures are
arising from the transactions entered into foreign currency. Management keeps a close watch of the maturity of
the financial assets in foreign currency and payment obligations of the financial liabilities.
The carrying amount of the Group's material foreign currency dominated monetary Assets and Liabilities at the end
of the reporting period is as below:
(Rs. in Lacs)
Currency Monetary Assets Monetary Liabilities

Current Year Previous Year Current Year Previous Year
USD 47182.42 30489.35 33867.53 34359.38
Euro 59609.77 35610.68 128698.17 129597.88
GBP 5944.77 1689.09 175.28 316.11
Following Table Summarises approximate gain /(loss) on Company's Profit before tax on account of appreciation
and depreciation of underlying foreign currencies of the above table
Currency Effect on Profit before tax

Closing USD Rate (in Rs.P.) 73.50 75.39
Closing Euro Rate (in Rs. P.) 86.10 83.05
Closing GBP Rate (in Rs.P.) 100.95 93.08
5% appreciation (Rs. in lacs) (2500.20) (4824.21)
5% depreciation (Rs. in lacs) 2500.20 4824.21
Commodity Price Risk

The main raw materials which Group procures are global commodities and their prices are to a great extent linked
to the movement of crude prices directly or indirectly.
The pricing policy of the Group final product is structured in such a way that any change in price of raw materials is
passed on to the customers in the final product however, with a time lag which mitigates the raw material price risk.
With regard to the finished products, the Group has been operating in a global competitive environment which
continues to keep downward pressure on the prices and the volumes of the products.
In order to combat this situation, the Group formulated manifold plans and strategies to develop new customers
& focus on new innovative products. In addition, it has also been focusing on improvement in product quality and
productivity. With these measures, Group counters the competition and consequently commodity price risk.
32ND ANNUAL REPORT 2020 - 2021 | 159

UFLEX LIMITED
CIN: L74899DL1988PLC032166
45: ADDITIONAL INFORMATION AS REQUIRED UNDER SCHEDULE III OF THE COMPANIES ACT, 2013 OF
ENTERPRISES CONSOLIDATED AS SUBSIDIARIES/ ASSOCIATE / JOINT VENTURES
S. Name of the Net Assets i.e. Total Share in profit or loss Share in Other Share in Total
No Enterprises Assets minus Total Comprehensive Income Comprehensive Income
Liabilities
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (Rs. in Lacs) consolidated (Rs. in Lacs) consolidated (Rs. in Lacs) consolidated (Rs. in Lacs)
net assets profit or loss profit or loss profit or loss
Parent
Uflex Limited 44.57% 2,47,635.38 27.34% 23,044.27 2.50% 75.62 26.48% 23,119.89
48.11% 2,25,959.72 38.74% 14,326.57 -31.32% (1,206.84) 32.13% 13,119.73
Subsidiary
Indian
1 U Tech Developers 0.00% - 0.00% - 0.00% - 0.00% -
Limited @ 0.00% - -0.52% (194.01) 0.00% - -0.48% (194.01)
2 USC Holograms 0.46% 2,536.80 0.20% 165.38 0.00% - 0.19% 165.38
Pvt. Ltd. 0.49% 2,293.59 0.61% 224.47 0.00% - 0.55% 224.47
3 S.D.Buildwell Private 0.00% - 0.00% - 0.00% - 0.00% -
Limited @ 0.00% - 0.14% 50.55 0.00% - 0.12% 50.55
Foreign
1 Flex Middle East 31.22% 1,73,452.65 5.42% 4,571.70 0.00% - 5.24% 4,571.70
FZE 36.88% 1,73,223.60 20.69% 7,652.09 0.00% - 18.74% 7,652.09
2 Flex Americas S.A. 10.94% 60,802.33 22.30% 18,796.09 0.00% - 21.53% 18,796.09
de C.V. 7.78% 36,552.20 15.13% 5,594.88 0.00% - 13.70% 5,594.88
3 Flex P. Films Egypt 12.55% 69,758.85 23.26% 19,602.45 0.00% - 22.45% 19,602.45
S.A.E. 11.72% 55,057.32 32.15% 11,889.00 0.00% - 29.11% 11,889.00
4 Flex Films Europa 16.15% 89,725.75 16.53% 13,932.02 0.00% - 15.96% 13,932.02
Sp. Z.o.o. 16.01% 75,218.70 30.61% 11,319.64 0.00% - 27.72% 11,319.64
5 Flex Films (USA) 7.80% 43,350.30 8.57% 7,225.05 0.00% - 8.27% 7,225.05
Inc. 7.89% 37,054.19 9.09% 3,362.39 0.00% - 8.23% 3,362.39
6 UFlex Europe 0.26% 1,443.59 -1.95% (1,645.49) 0.00% - -1.88% (1,645.49)
Limited 0.61% 2,848.25 -3.45% (1,275.20) 0.00% - -3.12% (1,275.20)
7 UFLEX Packaging 0.57% 3,153.15 0.80% 676.20 0.00% - 0.77% 676.20
Inc. 0.54% 2,540.64 1.06% 392.03 0.00% - 0.96% 392.03
8 UPET Holdings 5.06% 28,091.70 -0.01% (7.35) 0.00% - -0.01% (7.35)
Limited 6.14% 28,821.60 -0.02% (7.54) 0.00% - -0.02% (7.54)
9 UPET Singapore 5.04% 28,032.90 -0.01% (7.35) 0.00% - -0.01% (7.35)
Pte. Ltd. 6.12% 28,753.75 -0.02% (7.54) 0.00% - -0.02% (7.54)
10 Flex Films RUS LLC 3.54% 19,674.32 4.91% 4,137.68 0.00% - 4.74% 4,137.68
1.00% 4,676.47 -0.29% (107.95) 0.00% - -0.26% (107.95)
11 Flex Films Africa 2.96% 16,469.60 0.00% - 0.00% - 0.00% -
Pvt Ltd. 2.25% 10,562.20 0.00% - 0.00% - 0.00% -
12 Flex Chemicals (P) 0.00% (16.51) -0.01% (6.60) 0.00% - -0.01% (6.60)
Ltd. 0.00% (9.99) 0.03% 10.09 0.00% - 0.02% 10.09
13 Flex Films Europa 2.34% 12,992.49 0.32% 266.91 0.00% - 0.31% 266.91
Korlatolt Felelossegu 2.61% 12,274.79 0.00% - 0.00% - 0.00% -
Tarsasag
Non-Controlling Interest in -0.15% (811.79) -0.09% (77.83) 0.00% - -0.09% (77.83)
Subsidiary -0.16% (733.96) -0.29% (105.64) 0.00% - -0.26% (105.64)
Exchange Difference on 86.01% 2,604.13 2.98% 2,604.13
translating foreign operations 131.65% 5,072.76 12.42% 5,072.76
Associate & Joint Venture (Investment as per Equity Method)
Associate
1 Flex Foods Limited 0.90% 4,994.70 0.67% 565.57 0.31% 9.26 0.66% 574.83
0.95% 4,463.90 0.87% 320.12 -0.33% (12.74) 0.75% 307.38
Joint Ventures
2 Digicyl Pte. Ltd. 0.06% 347.65 -0.01% (5.20) 0.00% - -0.01% (5.20)
0.08% 361.93 -0.12% (45.91) 0.00% - -0.11% (45.91)
3 Digicyl Limited, Israel -0.32% (1,800.47) -0.51% (432.22) 0.00% - -0.49% (432.22)
(Wholly Owned -0.30% (1,423.66) -1.27% (470.74) 0.00% - -1.15% (470.74)
Subsidiary of Digicyl
Pte. Ltd.)
Figures of Net Assets & Share in Profit or Loss / Other Comprehensive Income / Total Comprehensive Income of the Foreign subsidiaries are reported
as per respective Balance Sheets and are converted into INR based on the Closing Exchange Rates stated in the Note No.46.
Previous Year figures have been given in italics.
Sold during the Previous Year.
160 | 32ND ANNUAL REPORT 2020 - 2021

46: STATEMENT CONTAINING SALIENT FEATURES OF FINANCIAL STATEMENTS OF SUBSIDIARIES / ASSOCIATE / JOINT VENTURES, AS PER
FIRST PROVISO TO SECTION 129(3) OF COMPANIES ACT, 2013 READ WITH RULE 5 OF COMPANIES (ACCOUNTS) RULES, 2014
Part "A" : Subsidiaries INR in Lacs

FC in Million
Sl. Name of the Subsidiary Reporting period Reporting currency Share Reserve & Total Assets Total Invest- Turnover Profit / Provision Profit / Proposed % of Share-
No. for the subsidiary and exchange rate as Capital surplus Liabilities ments (Loss) for (Loss) after dividend holding
concerned, if on the last date of the before Taxation taxation
different from relevant financial year taxation
holding company's in the case of foreign
reporting period subsidiaries
Currency Exch. Rate
Indian
1 U Tech Developers Not Applicable CY INR - - - - - - - - - - -
Limited @ PY - - - - - 133.18 58.78 252.79 (194.01) - 100%
2 USC Holograms Pvt. Ltd. Not Applicable CY INR 6.00 2,530.80 7,503.77 4,966.97 4,785.34 326.45 83.24 243.21 - 68%
PY 6.00 2,287.59 8,250.89 5,957.30 5,748.21 441.12 111.01 330.11 - 68%
3 S.D.Buildwell Private Not Applicable CY INR - - - - - - - - - - -
Limited @ PY - - - - - 50.70 50.55 - 50.55 - 100%
Foreign
1 Flex Middle East FZE Not Applicable CY INR 21,432.60 1,52,020.05 2,04,837.15 31,384.50 1,38,135.90 43,504.65 4,571.70 - 4,571.70 100%
US $ 73.5 278.69 42.70 187.94 59.19 6.22 - 6.22 -
29.16 206.83
PY INR 21,983.72 1,51,239.88 2,04,027.96 30,804.35 1,35,355.21 54,190.33 7,652.09 - 7,652.09 100%
US $ 75.39 29.16 200.61 270.63 40.86 179.54 71.88 10.15 - 10.15 -
2 Flex Americas S.A. de Not Applicable CY INR 14,955.67 45,846.66 84,098.10 23,295.78 - 1,08,120.22 27,832.56 9,036.48 18,796.09 100%
C.V. MXP 3.5675 419.22 1,285.12 2,357.34 653.00 - 3,030.70 780.17 253.30 526.87 -
PY INR 13,013.85 23,538.35 68,553.19 32,000.99 - 73,142.27 8,725.26 3,130.38 5,594.88 100%
MXP 3.1043 419.22 758.25 2,208.33 1,030.86 - 2,356.16 281.07 100.84 180.23 -
3 Flex P. Films Egypt S.A.E. Not Applicable CY INR 35,213.85 34,545.00 1,69,402.80 99,643.95 - 1,05,479.85 25,578.00 5,975.55 19,602.45 3,520.65 100%
US $ 73.5 47.91 47.00 230.48 135.57 143.51 34.80 8.13 26.67 4.79
PY INR 36,119.35 18,937.97 1,37,149.49 82,092.17 - 92,488.45 14,995.07 3,106.07 11,889.00 - 100%
US $ 75.39 47.91 25.12 181.92 108.89 122.68 19.89 4.12 15.77 -
4 Flex Films Europa Sp. Not Applicable CY INR 18,831.51 70,894.23 1,55,644.39 65,918.65 11,918.40 80,743.34 13,546.00 (386.02) 13,932.02 - 100%
Z.o.o. PLN 18.5587 101.47 382.00 838.66 355.19 64.22 435.07 72.99 (2.08) 75.07 -
PY INR 18,688.64 56,530.06 1,33,257.19 58,038.49 11,827.98 59,101.20 11,319.64 - 11,319.64 100%
PLN 18.4179 101.47 306.93 723.52 315.12 64.22 320.89 61.46 - 61.46 -
5 Flex Films (USA) Inc. Not Applicable CY INR 26,460.00 16,890.30 63,312.90 19,962.60 - 1,19,915.25 9,040.50 1,815.45 7,225.05 100%
UFLEX LIMITED
US $ 73.5 36.00 22.98 86.14 27.16 - 163.15 12.30 2.47 9.83 -

PY INR 27,140.40 9,913.79 62,875.26 25,821.08 - 1,10,076.94 3,882.59 520.19 3,362.39 100%
US $ 75.39 36.00 13.15 83.40 34.25 - 146.01 5.15 0.69 4.46 -

6 UFlex Europe Limited Not Applicable CY INR 6,147.86 (4,704.27) 14,153.19 12,709.61 - 13,880.63 (999.41) 646.08 (1,645.49) 100%
GBP 100.95 6.09 (4.66) 14.02 12.59 - 13.75 (0.99) 0.64 (1.63) -
CIN: L74899DL1988PLC032166
32ND ANNUAL REPORT 2020 - 2021 | 161

Part "A" : Subsidiaries INR in Lacs
FC in Million
Sl. Name of the Subsidiary Reporting period Reporting currency Share Reserve & Total Assets Total Invest- Turnover Profit / Provision Profit / Proposed % of Share-
No. for the subsidiary and exchange rate as Capital surplus Liabilities ments (Loss) for (Loss) after dividend holding
concerned, if on the last date of the before Taxation taxation
different from relevant financial year taxation
holding company's in the case of foreign
reporting period subsidiaries
CIN: L74899DL1988PLC032166
PY INR 5,668.57 (2,820.32) 12,509.95 9,661.70 - 12,165.56 (1,573.05) (297.86) (1,275.20) 100%
GBP 93.08 6.09 (3.03) 13.44 10.38 - 13.07 (1.69) (0.32) (1.37) -
7 UFLEX Packaging Inc. Not Applicable CY INR 2,704.80 448.35 5,622.75 2,469.60 - 11,127.90 867.30 191.10 676.20 100%
US $ 73.5 3.68 0.61 7.65 3.36 - 15.14 1.18 0.26 0.92 -
PY INR 2,774.35 (233.71) 4,734.49 2,193.85 - 8,632.16 520.19 128.16 392.03 - 100%
US $ 75.39 3.68 (0.31) 6.28 2.91 - 11.45 0.69 0.17 0.52 -
162 | 32ND ANNUAL REPORT 2020 - 2021

UFLEX LIMITED
8 UPET Holdings Limited Not Applicable CY INR 28,224.00 (132.30) 28,091.70 - 28,062.30 - (7.35) - (7.35) 100%
US $ 73.5 38.40 (0.18) 38.22 - 38.18 - (0.01) - (0.01) -
PY INR 28,949.76 (128.16) 28,821.60 - 28,783.90 - (7.54) - (7.54) 100%
US $ 75.39 38.40 (0.17) 38.23 - 38.18 - (0.01) - (0.01) -
9 UPET (Singapore) Pte. Not Applicable CY INR 28,077.00 (44.10) 28,040.25 7.35 27,966.75 - (7.35) - (7.35) 100%
Ltd. US $ 73.5 38.20 (0.06) 38.15 0.01 38.05 - (0.01) - (0.01) -
PY INR 28,798.98 (45.23) 28,761.29 7.54 28,685.90 - (7.54) - (7.54) 100%
US $ 75.39 38.20 (0.06) 38.15 0.01 38.05 - (0.01) (0.01) -
10 Flex Films RUS LLC # 31-Dec-20 CY INR 15,662.75 4,011.56 52,110.73 32,436.41 - 23,911.62 4,227.40 89.71 4,137.68 100%
RUB 0.9709 1,613.22 413.18 5,367.26 3,340.86 - 2,462.83 435.41 9.24 426.17 -
PY INR 4,784.61 (108.14) 35,510.66 30,834.19 - 1,086.77 (127.74) (19.79) (107.95) 100%
RUB 0.9699 493.31 (11.15) 3,661.27 3,179.11 - 112.05 (13.17) (2.04) (11.13) -
11 Flex Films Africa Pvt Ltd. Not Applicable CY INR 16,469.60 - 83,923.56 67,453.96 - - - - - 100%
N 0.1935 8,511.42 - 43,371.35 34,859.93 - - - - -
PY INR 10,562.20 - 45,173.07 34,610.87 - - - - - 100%
N 0.2005 5,267.93 - 22,530.21 17,262.28 - - - - -
12 Flex Chemicals (P) Ltd. # 31-Dec-20 CY INR 0.49 (16.99) 231.37 247.87 - 219.52 (7.67) (1.07) (6.60) - 100%
RUB 0.9709 0.05 (1.75) 23.83 25.53 - 22.61 (0.79) (0.11) (0.68) -
PY INR 0.48 (10.47) 53.54 63.53 - 5.24 12.51 2.42 10.09 - 100%
RUB 0.9699 0.05 (1.08) 5.52 6.55 - 0.54 1.29 0.25 1.04 -
13 Flex Films Europa Not Applicable CY INR 12,725.58 266.91 89,061.84 76,069.35 - 12,157.32 292.74 25.83 266.91 - 100%
Korlatolt Felelossegu Euro 86.1 14.78 0.31 103.44 88.35 - 14.12 0.34 0.03 0.31 -
Tarsasag
PY INR 12,274.79 - 50,045.93 37,771.14 - - - - - - 100%
Euro 83.05 14.78 - 60.26 45.48 - - - - - -
CY represents Current Year and PY represents Previous year
Notes :
1 Name of subsidiaries which are yet to commence operations NIL
2 Names of Subsidiaries which have been liquidated or sold during the year NIL
3 Name of Subsidiary not considered for Consolidation N.A
# These Companies adopts Calendar Year as Financial Year and accordingly the above figures are reported based on their audited accounts. However for consolidiation purpose the figures are considered for the period from
1st April 2020 to 31st March 2021.
@ Sold during the Previous Year.
Part “B”: Associate and Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Company and joint Ventures
Sl Name of the Associate / Latest Audited Share of Associate / Joint Ventures held by the Description Reason why the Net worth Profit or Loss for the Year Other Comprehensive Income
No. Joint Ventures Balance Sheet Company on the year end of how there associate / joint attributable to
Date is significant venture is not Shareholding
No. Amount of Extent of Considered in Not Considered Considered in Not
influence consolidated as per latest
Investment in Holding % Consolidation in Consolidation Consolidation Considered in
Audited Balance
Associates / Consolidation
Sheet
Joint Venture
(Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs) (Rs. in Lacs)
Associate
1 Flex Foods Limited 31-Mar-21 5870000 587.00 47.15% By Virtue of NA 4,994.70 565.57 - 9.26 -
Shareholding
31-Mar-20 5870000 587.00 47.15% By Virtue of NA 4,463.90 320.12 - (12.74) -
Shareholding
Joint Venture @
2 Digicyl Pte. Ltd., Singapore 31-Dec-20 500000 337.50 50% By Virtue of NA 347.65 (5.20) - - -
(Unaudited) Shareholding
31-Mar-20 500000 337.50 50% NA (361.93) (45.91) - - -
3 Digicyl Limited, Israel 31-Dec-20 - - - By Virtue of NA (1,800.47) (432.22) - -
(Wholly Owned Subsidiary Shareholding in
31-Mar-20 - - - NA (1,423.66) (470.74) - -
of Digicyl Pte. Ltd.) Digicyl Pte. Ltd.
Exchange Rate: USD/INR Rs. 73.50 (Previous Year Rs. 75.39) for Singapore & NS(ISL)/INR=Rs. 22.0628 (Previous Year Rs. 21.2390) for Israel
# Networth is reported after making necessary adjustment for impairment provided in the Company Standalone Financials for investment in Subsidiary Digicyl Limited, Israel.
@ Joint Venture Companies have adopted Calendar Year as Financial Year effective 1st April 2020 in compliance with the applicable laws in the Country. However for Consolidation and reporting purpose the figures of Profit & Loss
are considered for the period from 1st April 2020 to 31st March 2021.
1 Name of Associates / Joint Ventures which are yet to commence operations NIL
2 Names of Associates / Joint Ventures which have been liquidated or sold during the year NIL
3 Name of Associates / Joint Ventures which are not considered for consolidation NIL
Signatories to Notes 1 to 46
For and on behalf of the Board of Directors
UFLEX LIMITED

Place : NOIDA
CIN: L74899DL1988PLC032166
32ND ANNUAL REPORT 2020 - 2021 | 163

UFLEX LIMITED
Notice of
32nd Annual General Meeting
Shareholders are advised to refer Point No. 8 of Notice of AGM with regard to Payment
of Dividend and applicable Tax Deduction at Source (“TDS”) and Communication
of Company dated 30th July 2021 to Shareholders which is also available on the
Company’s website www.uflexltd.com (weblink: https://www.uflexltd.com/pdf/
SC/2021/UFLEX_Communication_TDS_FY20-21.pdf)
UFLEX LIMITED
UFLEX LIMITED
CIN :L74899DL1988PLC032166
Regd. Office : 305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048
Phone Nos. 011-26440917, 011-26440925, Fax No. : 011-26216922
Website: www.uflexltd.com Email : secretarial@uflexltd.com
NOTICE OF 32nd ANNUAL GENERAL MEETING

Notice is hereby given that the 32nd Annual General Meeting of the Members of UFLEX Limited will be held on
Monday, 27th September, 2021 at 3:00 PM through Video Conferencing (VC) / Other Audio Visual Means (OAVM)
to transact the following business:-
ORDINARY BUSINESS:
1. To consider and adopt:
a) The Audited Financial Statements of the Company for the financial year ended March 31, 2021, the reports
of the Board of Directors and the Auditors thereon; and
b) The Audited Consolidated Financial Statements of the Company for the financial year ended March 31,
2021 and the report of Auditors thereon.
2. To declare the dividend for the year 2020-2021 on the equity shares of the Company.
3. To appoint a Director in place of Shri Ashok Chaturvedi (DIN: 00023452), who retires by rotation and, being
eligible, offers himself for re-appointment
4. Appointment of Joint Statutory Auditors:
To consider and if thought fit to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any,
of the Companies Act, 2013, and the Companies (Audit and Auditors) Rules, 2014 (including any statutory
modification(s) or re-enactment thereof, for the time being in force), M/s. MSKA & Associates, Chartered
Accountants (Firm Registration Number – 105047W), be and is hereby appointed as the Joint Statutory Auditor
of the Company to hold office for a term of Five (5) years from the conclusion of the 32nd Annual General
Meeting until the conclusion of 37th Annual General Meeting, at such remuneration as may be mutually agreed
between the Board of Directors of the Company and the Statutory Auditors.”
SPECIAL BUSINESS:
5. To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to Section 149, 152 and all other applicable provisions of the Companies Act,
2013, read with the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any
statutory modification(s) or re-enactment thereof for the time being in force) and the applicable provision of
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations
2015, Shri Jagmohan Mongia (DIN: 09051022), who was appointed as an Additional Director of the Company
by the Board of Directors with effect from 11th February, 2021 in terms of Section 161 of the Companies Act,
2013, and in respect of whom the Company has received a notice in writing from a Member under Section
160 of the Companies Act, 2013, proposing his candidature for the office of Director of the Company, be and
is hereby appointed as a Director of the Company, liable to retire by rotation.”
6. To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:
“RESOLVED THAT that pursuant of Section 196, 197 & 203 read with Schedule V and all other applicable
provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the
time being in force) and the applicable provisions of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations 2015 and such other approvals / sanctions as may
be necessary, the Company hereby approves the appointment of Shri Jagmohan Mongia (DIN: 09051022) as
Whole-time Director of the Company for a period of 5 (Five) years w.e.f. 11th February, 2021 to 10th February,
2026 on the terms and conditions including as to remuneration, minimum remuneration in case of loss or
inadequate profit in any financial year as set out in the explanatory statement annexed to the notice, which
shall be deemed to form part thereof.
1
RESOLVED FURTHER THAT that the Board of Directors of the Company, including any duly constituted
committee thereof, be and is hereby authorized to vary and / or revise the remuneration of the said Whole-
time Director within the permissible limits under the provisions of the Companies Act, 2013 or any statutory
modification thereof, from time to time and to settle any question or difficulty in connection therewith or
incidental thereto.”
7. To consider and if thought fit, to pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of
the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, (including any statutory
modification(s) or re-enactment thereof, for the time being in force), M/s Jitender, Navneet & Co., Cost Accountants
who was re-appointed as the Cost Auditors of the Company by the Board of Directors, for conducting the audit
of the cost records of the Company for the financial year 2021-22, be paid the remuneration of Rs.22.50 Lacs
(Rupees Twenty Two Lacs Fifty Thousand Only) excluding applicable taxes and out of pocket expenses that
may be incurred.”
By Order of the Board
Sd/-
AJAY KRISHNA
Sr. Vice President (Legal) &
Place : NOIDA Company Secretary
Dated : 14 th August, 2021 ACS No. 3296
Regd. Office:
Pamposh Enclave, Greater Kailash-I
New Delhi-110048
IMPORTANT NOTES:
1. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 and Regulation 36(5) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015,
is annexed hereto.
2. The Register of Members and the Share Transfer books of the Company will remain closed from Saturday,
11th September, 2021 to Monday, 27 th September, 2021, both days inclusive, for annual closing and
determining the entitlement of the Members to the Dividend for Year 2020-21.
3. Central Depository Services Limited, (“CDSL”) will be providing facility for voting through remote e-Voting, for
participation in the 32nd AGM through VC/OAVM Facility and e-Voting during the 32nd AGM.
4. CDSL e-Voting System – For Remote e-voting and e-voting during AGM
i. In view of the continuing COVID-19 pandemic,, the Ministry of Corporate Affairs (“MCA”) has vide its
General Circular nos. 14/2020, 17/2020 and 10/2021 dated April 8, 2020, April 13, 2020 and 23rd June, 2021
respectively, in relation to “Clarification on passing of ordinary and special resolutions by companies under
the Companies Act, 2013 and the rules made thereunder on account of the threat posed by Covid-19”,
circular no. 20/2020 dated May 5, 2020 in relation to “Clarification on holding of annual general meeting
(AGM) through video conferencing (VC) or other audio visual means (OAVM)” and Circular no. 02/2021
dated January 13,2021 in relation to “Clarification on holding of annual general meeting (AGM) through video
conferencing (VC) or other audio visual means (OAVM)” (collectively referred to as “MCA Circulars”) and
Securities and Exchange Board of India (“SEBI”) vide its circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/79
dated May 12, 2020 in relation to “Additional relaxation in relation to compliance with certain provisions
of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Covid-19 pandemic”
and circular no. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021 in relation to “Relaxation
from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 due to the COVID -19 pandemic” (collectively referred to as “SEBI Circulars”) permitted
the holding of the Annual General Meeting (“AGM”) through VC / OAVM, without the physical presence of
the Members at a common venue. In compliance with the MCA Circulars and SEBI Circulars, the AGM of
the Members of the Company is being held through VC / OAVM. The registered office of the Company shall
be deemed to be the venue for the AGM.
ii. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies
(Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations
& Disclosure Requirements) Regulations 2015 (as amended), and “MCA Circulars” & “SEBI Circulars”, the
2
Company is providing facility of remote e-voting to its Members in respect of the business to be transacted
at the AGM. For this purpose, the Company has entered into an agreement with Central Depository Services
(India) Limited (CDSL) for facilitating voting through electronic means, as the authorized e-Voting’s agency.
The facility of casting votes by a Member using remote e-voting as well as the e-voting system on the date
of the AGM will be provided by CDSL.
iii. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time
of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of
participation at the AGM through VC/OAVM will be made available to atleast 1000 Members on first come
first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding),
Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit
Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors
etc. who are allowed to attend the AGM without restriction on account of first come first served basis.
iv. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of
ascertaining the quorum under Section 103 of the Companies Act, 2013.
v. Pursuant to MCA Circular No. 14/2020 dated April 08, 2020, the facility to appoint proxy to attend and cast
vote for the Members is not available for this AGM. However, in pursuance of Section 112 and Section 113
of the Companies Act, 2013, representatives of the Members such as the President of India or the Governor
of a State or body corporate can attend the AGM through VC/OAVM and cast their votes through e-voting.
vi. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice
calling the AGM has been uploaded on the website of the Company at www.uflexltd.com. The Notice can
also be accessed from the websites of the Stock Exchanges i.e. “The BSE Limited” and “The National Stock
Exchange of India Limited” at www.bseindia.com and www.nseindia.com respectively. The AGM Notice is
also disseminated on the website of CDSL (agency for providing the Remote e-Voting facility and e-voting
system during the AGM) i.e. www.evotingindia.com.
vii. The AGM has been convened through VC/OAVM in compliance with applicable provisions of the Companies
Act, 2013 read with MCA Circular No. 14/2020 dated April 8, 2020, 17/2020 dated April 13, 2020, 20/2020
dated May 05, 2020 & 10/2021 dated June 23, 2021.
viii. In continuation of this Ministry's General Circular No. 20/2020, dated 05th May, 2020 and after due
examination, it has been decided to allow companies whose AGMs were due to be held in the year 2020,
or become due in the year 2021, to conduct their AGMs on or before 31.12.2021, in accordance with the
requirements provided in paragraphs 3 and 4 of the General Circular No. 20/2020 as per MCA circular no.
02/2021 dated January,13,2021.
THE INTRUCTIONS OF SHAREHOLDERS FOR E-VOTING AND JOINING VIRTUAL MEETINGS ARE AS
UNDER:
(i) The voting period begins on Friday, 24th September, 2021 (9:00 AM) and ends on Sunday, 26th September,
2021 (5:00 PM). During this period shareholders’ of the Company, holding shares either in physical form or in
dematerialized form, as on the cut-off date (record date) of Monday, 20th September, 2021 may cast their
vote electronically. The e-voting module shall be disabled by CDSL for voting thereafter.
(ii) Shareholders who have already voted prior to the meeting date would not be entitled to vote at the meeting
venue.
(iii) Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated 09.12.2020, under Regulation 44 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
listed entities are required to provide remote e-voting facility to its shareholders, in respect of all shareholders’
resolutions.
Currently, there are multiple e-voting service providers (ESPs) providing e-voting facility to listed entities in
India. This necessitates registration on various ESPs and maintenance of multiple user IDs and passwords by
the shareholders.
In order to increase the efficiency of the voting process, pursuant to a public consultation, it has been decided
to enable e-voting to all the demat account holders, by way of a single login credential, through their
demat accounts/ websites of Depositories/ Depository Participants. Demat account holders would be
able to cast their vote without having to register again with the ESPs, thereby, not only facilitating seamless
authentication but also enhancing ease and convenience of participating in e-voting process.
(iv) In terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on e-Voting
facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed
3
to vote through their demat account maintained with Depositories and Depository Participants. Shareholders
are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting
facility.
Pursuant to abovesaid SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual
shareholders holding securities in Demat mode CDSL/NSDL is given below:
Type of Login Method

shareholders
Individual Users who have opted for CDSL Easi / Easiest facility, can login through their existing user
Shareholders holding id and password. Option will be made available to reach e-Voting page without any further
securities in Demat authentication. The URL for users to login to Easi / Easiest are https://web.cdslindia.com/
mode with CDSL myeasi/home/login or visit www.cdslindia.com and click on Login icon and select New
System Myeasi.
After successful login the Easi / Easiest user will be able to see the e-Voting option for
eligible companies where the evoting is in progress as per the information provided by
Company. On clicking the evoting option, the user will be able to see e-Voting page of
the e-Voting service provider for casting your vote during the remote e-Voting period
or joining virtual meeting & voting during the meeting. Additionally, there is also links
provided to access the system of all e-Voting Service Providers i.e. CDSL/NSDL/KARVY/
LINKINTIME, so that the user can visit the e-Voting service providers’ website directly.
If the user is not registered for Easi/Easiest, option to register is available at https://web.
cdslindia.com/myeasi/Registration/EasiRegistration
Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available on www.cdslindia.com home page or
click on https://evoting.cdslindia.com/Evoting/EvotingLogin. The system will authenticate
the user by sending OTP on registered Mobile & Email as recorded in the Demat Account.
After successful authentication, user will be able to see the e-Voting option where the
evoting is in progress and also able to directly access the system of all e-Voting Service
Providers.
Individual If you are already registered for NSDL IDeAS facility, please visit the e-Services website of
Shareholders holding NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com either
securities in demat on a Personal Computer or on a mobile. Once the home page of e-Services is launched,
mode with NSDL click on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’
section. A new screen will open. You will have to enter your User ID and Password. After
successful authentication, you will be able to see e-Voting services. Click on “Access to
e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on
Company name or e-Voting service provider name and you will be re-directed to e-Voting
service provider website for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting.
If the user is not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click at https://
eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the
home page of e-Voting system is launched, click on the icon “Login” which is available
under ‘Shareholder/Member’ section. A new screen will open. You will have to enter your
User ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP
and a Verification Code as shown on the screen. After successful authentication, you
will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on
Company name or e-Voting service provider name and you will be redirected to e-Voting
service provider website for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting
4
Type of Login Method
shareholders
Individual You can also login using the login credentials of your demat account through your
Shareholders Depository Participant registered with NSDL/CDSL for e-Voting facility. After Successful
(holding securities login, you will be able to see e-Voting option. Once you click on e-Voting option, you will
in demat mode) be redirected to NSDL/CDSL Depository site after successful authentication, wherein you
login through can see e-Voting feature. Click on Company name or e-Voting service provider name and
their Depository you will be redirected to e-Voting service provider website for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
Participants
Important note:
Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related
to login through Depository i.e. CDSL and NSDL
Login type Helpdesk details

Individual Shareholders Members facing any technical issue in login can contact CDSL helpdesk
holding securities in Demat by sending a request at helpdesk.evoting@cdslindia.com or contact at
mode with CDSL 022- 23058738 and 22-23058542-43.
Individual Shareholders Members facing any technical issue in login can contact NSDL helpdesk by
holding securities in Demat sending a request at evoting@nsdl.co.in or call at toll free no.: 1800 1020 990
mode with NSDL and 1800 22 44 30
(v) Login method for e-Voting and joining virtual meetings for Physical shareholders and shareholders other
than individual holding in Demat form.
1) The shareholders should log on to the e-voting website www.evotingindia.com.
2) Click on “Shareholders” module.
3) Now enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Shareholders holding shares in Physical Form should enter Folio Number registered with the Company.
4) Next enter the Image Verification as displayed and Click on Login.
5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier
e-voting of any Company, then your existing password is to be used.
6) If you are a first-time user follow the steps given below:
For Physical shareholders and other than individual shareholders holding shares
in Demat.
PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for
both demat shareholders as well as physical shareholders)
• Shareholders who have not updated their PAN with the Company/Depository Participant
are requested to use the sequence number sent by Company/RTA or contact Company/
RTA.
Dividend Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in
Bank Details your demat account or in the Company records in order to login.
OR Date of • If both the details are not recorded with the depository or Company, please enter the
Birth (DOB) Member id / folio number in the Dividend Bank details field.
(vi) After entering these details appropriately, click on “SUBMIT” tab.
(vii) Shareholders holding shares in physical form will then directly reach the Company selection screen. However,
shareholders holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required
5
to mandatorily enter their login password in the new password field. Kindly note that this password is to be also
used by the demat holders for voting for resolutions of any other Company on which they are eligible to vote,
provided that Company opts for e-voting through CDSL platform. It is strongly recommended not to share your
password with any other person and take utmost care to keep your password confidential.
(viii) For shareholders holding shares in physical form, the details can be used only for e-voting on the resolutions
contained in this Notice.
(ix) Click on the EVSN for UFLEX Limited.
(x) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO”
for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution
and option NO implies that you dissent to the Resolution.
(xi) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
(xii) After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box will be
displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and
accordingly modify your vote.
(xiii) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
(xiv) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
(xv) If a demat account holder has forgotten the login password then Enter the User ID and the image verification
code and click on Forgot Password & enter the details as prompted by the system.
(xvi) Additional Facility for Non – Individual Shareholders and Custodians –For Remote Voting only.
• Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log
on to www.evotingindia.com and register themselves in the “Corporates” module.
• A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to
helpdesk.evoting@cdslindia.com.
• After receiving the login details a Compliance User should be created using the admin login and password.
The Compliance User would be able to link the account(s) for which they wish to vote on.
• The list of accounts linked in the login should be mailed to helpdesk.evoting@cdslindia.com and on approval
of the accounts they would be able to cast their vote.
• A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of
the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
• Alternatively Non Individual shareholders are required to send the relevant Board Resolution/ Authority
letter etc. together with attested specimen signature of the duly authorized signatory who are authorized to
vote, to the Scrutinizer and to the Company at the email address viz; secretarial@uflexltd.com, if they have
voted from individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer to verify the
same.
INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM THROUGH VC/OAVM & E-VOTING
DURING MEETING ARE AS UNDER:
1. The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions
mentioned above for e-voting.
2. The link for VC/OAVM to attend meeting will be available where the EVSN of Company will be displayed
after successful login as per the instructions mentioned above for e-voting.
3. Shareholders who have voted through Remote e-Voting will be eligible to attend the meeting. However,
they will not be eligible to vote at the AGM.
4. Shareholders are encouraged to join the Meeting through Laptops / IPads for better experience.
5. Further shareholders will be required to allow Camera and use Internet with a good speed to avoid any
disturbance during the meeting.
6. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting
via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is
therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
6
7. Shareholders who would like to express their views/ask questions during the meeting may register
themselves as a speaker by sending their request in advance atleast 3 (Three) days prior to
meeting mentioning their name, demat account number/folio number, email id, mobile number at
secretarial@uflexltd.com. The shareholders who do not wish to speak during the AGM but have queries
may send their queries in advance 3 (Three) days prior to meeting mentioning their name, demat account
number/folio number, email id, mobile number at secretarial@uflexltd.com. These queries will be replied to
by the Company suitably by email.
8. Those shareholders who have registered themselves as a speaker will only be allowed to express their
views/ask questions during the meeting.
9. Only those shareholders, who are present in the AGM through VC/OAVM facility and have not casted their
vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be
eligible to vote through e-Voting system available during the AGM.
10. If any Votes are cast by the shareholders through the e-voting available during the AGM and if the same
shareholders have not participated in the meeting through VC/OAVM facility, then the votes cast by such
shareholders shall be considered invalid as the facility of e-voting during the meeting is available only to the
shareholders attending the meeting.
PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL/MOBILE NO. ARE NOT REGISTERED WITH
THE COMPANY/DEPOSITORIES.
1) For Physical shareholders- please provide necessary details like Folio No., Name of shareholder, scanned
copy of the share certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self
attested scanned copy of Aadhar Card) by email to Company (secretarial@uflexltd.com)/RTA (beetal@
beetalfinancial.com).
2) For Demat shareholders – Please update your email id & mobile no. with your respective Depository
Participant (DP)
3) For Individual Demat shareholders – Please update your email id & mobile no. with your respective
Depository Participant (DP) which is mandatory while e-Voting & joining virtual meetings through Depository.
If you have any queries or issues regarding attending AGM & e-Voting from the CDSL e-Voting System, you can
write an email to helpdesk.evoting@cdslindia.com or contact at 022- 23058738 and 022-23058542/43.
All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi,
Sr. Manager, (CDSL, ) Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex,
Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to helpdesk.
evoting@cdslindia.com or call on 022-23058542/43.
5. Other Guidelines for Members
a. The voting rights of Members shall be in proportion to their share in the paid up equity share capital of the
Company as on the cut-off date of 20th September, 2021.
b. A person, whose name is recorded in the Register of Members or in the Register of Beneficial Owners
maintained by the depositories as on the cut-off date only shall be entitled to avail the facility of remote
e-Voting or casting vote through e-Voting system during the meeting.
c. Shri Mahesh Gupta, Practicing Company Secretary (Membership No. 2870) has been appointed as the
Scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
d. The Scrutinizer shall after the conclusion of e-Voting at the 32nd AGM, first download the votes cast at
the AGM and thereafter unblock the votes cast through remote e-Voting and shall make a consolidated
scrutinizer’s report of the total votes cast in favour or against, invalid votes, if any, and whether the resolution
has been carried or not, and such Report shall then be sent to the Chairman or a person authorized by him,
within 48 (forty eight) hours from the conclusion of the 32nd AGM, who shall then countersign and declare
the result of the voting forthwith.
The Results declared along with the report of the Scrutinizer shall be placed on the website of the
Company at www.uflexltd.com and on the website of CDSL at https://www.evotingindia.com/ immediately
after the declaration of Results by the Chairman or a person authorized by him. The results shall also
be immediately forwarded to the Stock Exchanges i.e. “The National Stock Exchange of India Limited”
(“NSE”) and “The BSE Limited” (“BSE”).
7
6. Pursuant to the MCA Circulars and SEBI Circular, in view of the prevailing situation, owing to the difficulties
involved in dispatching of physical copies of the Notice of the 32nd AGM and the Annual Report for the year
2020-21 including the Audited Financial Statements for the year 2020-21, are being sent only by email to the
Members. Therefore, those Members, whose email address is not registered with the Company or with their
respective Depository Participant/s, and who wish to receive the Notice of the 32nd AGM and the Annual Report
for the year 2020-21 and all other communication sent by the Company, from time to time, can get their email
address registered by following the steps as given below:
a. For Members holding shares in physical form, please send scan copy of a signed request letter mentioning
your folio number, complete address, email address to be registered along with scanned self attested copy
of the PAN and any document (such as Driving Licence, Passport, Bank Statement, AADHAR) supporting
the registered address of the Member, by email to the Company’s email address secretarial@uflexltd.com
b. For the Members holding shares in demat form, please update your email address through your respective
Depository Participant/s.
7. The Board of Directors has recommended a Dividend of Rs. 2 . 5 0 (Rupees Tw o a n d P a i s e F i f t y O n l y )
per Equity Share of Rs.10.00 each for the year ended 31st March, 2021 that is proposed to be paid on and
after 27 th September, 2021, subject to the approval of the shareholders at the 32nd Annual General Meeting.
8. Pursuant to Finance Act, 2020, dividend income will be taxable in the hands of the shareholders w.e.f. 1st
April 2020 and the Company is required to deduct tax at source (“TDS”) from dividend paid to the Members
at prescribed rates in the Income Tax Act, 1961 (“the IT Act”). In general, to enable compliance with TDS
requirements, Members are requested to complete and / or update their Residential Status, PAN, Category as
per the IT Act with their Depository Participants or in case shares are held in physical form, with the Company.
Further, with respect to Deduction of Tax on Dividend, the communication in this regard has been
sent to the shareholders separately on 30th July, 2021 in the permitted mode.
9. The dividend/s, if any, approved by the Members will be paid as per the mandate registered with the Company
or with their respective Depository Participants.
10. Further, in order to receive dividend/s in a timely manner, Members holding shares in physical form who have
not updated their mandate for receiving the dividends directly in their bank accounts through Electronic Clearing
Service or any other means (“Electronic Bank Mandate”), can register their Electronic Bank Mandate to receive
dividends directly into their bank account electronically or any other means, by sending scanned copy of the
following details/documents by email to reach the Company’s email address secretarial@uflexltd.com by
10th September, 2021.
a) signed request letter mentioning your name, folio number, complete address and following details relating
to bank account in which the dividend is to be received :
i. Name and Branch of Bank and Bank Account type;
ii. Bank Account Number allotted by your bank after implementation of Core Banking Solutions;
iii) 11 digit IFSC Code;
b) self attested scanned copy of cancelled cheque bearing the name of the Member or first holder, in case
shares are held jointly;
c) self attested scanned copy of the PAN Card; and
d) self attested scanned copy of any document (such as AADHAR Card, Driving Licence, Election Identity
Card, Passport) in support of the address of the Member as registered with the Company.
For the Members holding shares in demat form, please update your Electronic Bank Mandate through your
Depository Participants.
11. In the event the Company is unable to pay the dividend to any Member directly in their bank accounts through
Electronic Clearing Service or any other means, due to non-registration of the Electronic Bank Mandate, the
Company shall dispatch the dividend warrant/ Bankers’ cheque/ demand draft to such Member, at the earliest
once the normalcy is restored.
12. Pursuant to the provisions of Section 124 of the Act, Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”) read with the relevant circulars and
amendments thereto, the amount of dividend remaining unpaid or unclaimed for a period of seven years from
the due date is required to be transferred to the Investor Education and Protection Fund (“IEPF”), constituted
8
by the Central Government. The Company had, accordingly transferred Rs.15,85,605.60/- (Rupees Fifteen Lac
Eighty Five Thousand Six Hundred Five and Paise Sixty Only) being the unpaid and unclaimed dividend amount
pertaining to Dividend, 2012-13 to the Investor Education and Protection Fund of the Central Government
during the year 2020-21.
The Company has been sending reminders to Members having unpaid/ unclaimed dividends before transfer
of such dividend(s) to IEPF. Details of the unpaid/ unclaimed dividend are also uploaded on the website of the
Company at www.uflexltd.com. Members who have not encashed Dividend for the year 31st March, 2014 or any
subsequent dividend declared by the Company, are advised to write to the Company immediately.
13. Pursuant to the provisions of IEPF Rules, all shares in respect of which dividend has not been paid or claimed
for seven consecutive years shall be transferred by the Company to the designated Demat Account of the IEPF
Authority (“IEPF Account”) within a period of thirty days of such shares becoming due to be transferred to
the IEPF Account. Accordingly, 24,982 (Twenty Four Thousand Nine Hundred Eighty Two only) Equity Shares
of Rs.10/- each on which the dividend remained unpaid or unclaimed for seven consecutive years, were
transferred during the year 2020-21 to the IEPF Account, after following the prescribed procedure.
Further, Members who have not claimed / encashed their dividends in the last seven consecutive years from
2014 are advised to claim the same. In case valid claim is not received, the Company will proceed to transfer
the respective shares to the IEPF Account in accordance with the procedure prescribed under the IEPF Rules.
14. To prevent fraudulent transactions, Members are advised to exercise due diligence and notify the Company of
any change in address or demise of any Member as soon as possible. Members are also advised to not leave
their demat account(s) dormant for long. Periodic statement of holdings should be obtained from the concerned
Depository Participant and holdings should be verified from time to time.
15. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account
Number (PAN) by every participant in securities market. Members holding shares in electronic form are,
therefore, requested to submit the PAN to their Depository Participants with whom they are maintaining their
demat accounts. Members holding shares in physical form can submit their PAN details to the Company.
1 6 . In terms of the Listing Regulations, securities of listed companies can only be transferred in dematerialized form
with effect from 1st April 2019. In view of the above, Members are advised to dematerialize shares held by them
in physical form.
17. Electronic copy of all the documents referred to in the accompanying Notice of the 32nd AGM and the Explanatory
Statement shall be available for inspection in the Investor Section of the website of the Company at
www. uflexltd.com
During the 32nd AGM, Members may access the scanned copy of Register of Directors and Key Managerial
Personnel and their shareholding maintained under Section 170 of the Act and the Register of Contracts and
Arrangements in which Directors are interested maintained under Section 189 of the Act at Company’s website
18. Details as required in sub-regulation (3) of Regulation 36 of the Listing Regulations and Secretarial Standard
on General Meeting (SS-2) of ICSI, in respect of the Directors seeking appointment/ re-appointment at the 32nd
AGM, forms integral part of the Notice of the 32 nd AGM. Requisite declarations have been received from the
Directors for seeking appointment/ re-appointment.
19. Since the AGM will be held through VC/OAVM Facility, the Route Map is not annexed in this Notice.
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013 AND
REGULATION 36(5) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENT) REGULATIONS, 2015
Item No. 4
In past few years the company has grown manifolds not only in terms of turnover but also profit. The Company
has also undertaken expansion programmes over a period of time, the most recent one being Film expansion in
Dhariwad and aspecto liquid packaging in Gujarat. Also global exposure of the company is increasing considerably
and therefore it is felt necessary to appoint a joint auditor for company. With this object the company proposes
to appoint M/s. MSKA & Associates, Chartered Accountants (Firm Registration Number – 105047W) as the Joint
Statutory Auditor in addition to the present Statutory Auditor M/s. KAAP & Associates, Chartered Accountants (Firm
Registration No. 019416N) as per provisions of section 139 of the Companies Act, 2013 and rules made thereunder.
9
The appointment of M/s. MSKA & Associates, Chartered Accountants is subject to approval of members by ordinary
resolution. The appointment of M/s. M/s. MSKA & Associates, Chartered Accountants (Firm Registration Number –
105047W) as Joint Statutory Auditors of the Company will be for the period of Five (5) years from the conclusion of
32nd Annual General Meeting until the conclusion of 37th Annual General Meeting.
The disclosure in terms of Regulation 36(5) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is as follows:
Proposed statutory audit Up to Rs. 100.00 Lacs (Rupees One Hundred Lacs Only) excluding applicable
fee payable to auditors taxes and out of pocket expenses per annum as statutory audit fees to be paid to
the proposed Auditor of the company as may be decided by the Board of Directors
including any committee thereof.
Terms of appointment M/s. MSKA & Associates, Chartered Accountants (Firm Registration Number –
105047W) is recommended for appointment for a term of Five (5) years from the
conclusion of 32nd Annual General Meeting until the conclusion of 37th Annual
General Meeting.
Material change in fee No material change in fee for the proposed auditors. This proposed fee payable is
payable in line with the fee payable to existing auditors M/s. KAAP & Associates, the exiting
Statutory Auditors of the Company.
Basis of recommendation M/s. MSKA & Associates, Chartered Accountants, has confirmed their eligibility
and auditor credentials under Section 141 of the Companies Act, 2013 and the rules framed there under
for appointment as Joint Statutory Auditors of the Company. Further, they hold
a valid certificate issued by the Peer Review Board of the Institute of Chartered
Accountants of India (ICAI) as required under the Listing Regulations.
M/s. MSKA & Associates, Chartered Accountants (FRN : 105047W), established
in 1978 is an Indian Partnership firm registered with the Institute of Chartered
Accountants of India (ICAI) and PCAOB (US Public Company Accountancy
Oversight Board). It has head office at Mumbai and 9 branches in Pune, Bengaluru,
Hyderabad, Gurgoan, Kolkata, Goa, Kochi, Chennai and Ahmedabad. It provides
Audit and Assurance, Tax and Consultancy Services.
The Board recommends the Ordinary Resolution set out at Item No. 4 of the Notice for approval by the Shareholders.
None of the Directors, Key Managerial Personnel of the Company and their relatives, is in any way concerned or
interested, financial or otherwise, in the said Resolution.
Item 5 & 6
The Company’s business activities have grown in last couple of years and as per the current market trend and
future projections, the Company expects substantial increase in its activities in coming years. The Board noted the
fact that Shri Amitava Ray has ceased to be Whole-time Director of the Company w.e.f. close of working hours of
1st February, 2021 and it is necessary to have an eminent and experienced professional as the Whole-time Director
of the Company, who could assist in day to day activities of the Company.
The Board of Directors, on the recommendation of Nomination and Remuneration Committee, has appointed Shri
Jagmohan Mongia (DIN: 09051022) as an Additional Director in terms of Section 161 & other applicable provisions
of the Companies Act, 2013 to holds office upto the date of ensuing Annual General Meeting of the Company.
The Company has received a notice in writing from a Member of the Company proposing the candidature of Shri
Jagmohan Mongia (DIN: 09051022) for the office of Director of the Company, liable to retire by rotation.
Further, the Board of Directors of the Company (after considering the recommendation of the Nomination and
Remuneration Committee) at its meeting held on 11th February, 2021 has, subject to the approval of Shareholders,
appointed Shri Jagmohan Mongia (DIN: 09051022) as Whole-time Director of the Company for a period of Five (5)
years commencing from 11th February, 2021. Shri Mongia has rich and vast experience in Sales & Marketing and
has proven track record of building strong sustainable business. He is heading Domestic Marketing independently
since 2013 and thereafter was elevated to President – Film Business (Indian Operations) in 2017. Considering
10
his vast and rich experience, the Board of Directors proposed the appointment of Shri Jagmohan Mongia (DIN:
09051022) as Whole-time Director on the remuneration & other terms and conditions subject to the approval/
discretion of the Chairman as follows:
Remuneration
Salary (including allowances and perquisites) not exceeding of Rs.16,00,000/- (Rupees Sixteen Lacs only) per
month with a total annual increment (including allowances and perquisites) of upto Rs.3.00 lacs (Rupees Three
Lacs) per month as decided by the Chairman of the Company.
Others
In addition to the above, he will also be entitled to following:
1) Ex-gratia – as per Company rules.
2) Car for official use on condition that all running and maintenance expenses including driver’s salary shall be
born by him.
3) Mobile and telephone at residence for official purposes.
OTHER TERMS
(a) He will not be entitled to sitting fees for attending meetings of the Board or Committee(s) thereof.
(b) He will be liable to retire by rotation.
(c) The aforesaid appointment may be terminated by either side giving notice in advance as per Company’s policy.
In the event of inadequacy or absence of profits, the Company shall pay to Shri Jagmohan Mongia the above
remuneration as minimum remuneration but not exceeding the limits specified under Schedule V of the Companies
Act, 2013 or such other limits as may be specified by the Central Govt. from time to time as minimum remuneration.
Functions
The Whole-time Director shall discharge such functions as are delegated to him by the Board of Directors and/or
Chairman & Managing Director.
None of the Directors, Key Managerial Personnel or their relatives except Shri Jagmohan Mongia, Whole-time
Director of the Company and his relatives, are in any way, concerned or interested financial or otherwise in the said
Ordinary Resolution(s).
The Board of Directors recommends the Ordinary Resolutions set out at item no. 5 & 6 for your consideration and
approval.
Item No. 7
The Board of Directors on the recommendation of Audit Committee has re-appointed M/s. Jitender, Navneet
& Co., Delhi, Cost Auditors, (Firm Registration No.00119) for the Financial Year 2021-22. As per Rule 14 of
Companies (Audit and Auditors) Rules 2014, the appointment and remuneration payable to the Cost Auditors is
to be approved and ratified by the Shareholders.
None of the Directors, Key Managerial Personnel of the Company or their relatives is in any way, concerned or
interested financial or otherwise in the said Ordinary Resolution.
The Board recommends the resolution set forth in Item no. 7 for the approval of the Members.
By Order of the Board
Sd/-
AJAY KRISHNA
Sr. Vice President (Legal) &
Place : NOIDA Company Secretary
Dated : 14 th August, 2021 ACS No. 3296
Regd. Office:
Pamposh Enclave, Greater Kailash-I
New Delhi-110048
11
DETAILS OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT AT THE
FORTHCOMING ANNUAL GENERAL MEETING
(Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015) and SS-2 issued by ICSI
Name of Director Shri Ashok Chaturvedi Shri Jagmohan Mongia
Date of Birth 15.10.1956 24.11.1956
Date of Appointment 21.06.1988 11.02.2021
Experience in specific Functional Chief Promoter of UFLEX Group of Mr. Jagmohan Mongia has four decades of rich
areas Companies who had set up the business experience in industries like Textile, Steel and
himself being the first generation Paints. He has strong expertise of Sales & Marketing
entrepreneur and has in depth knowledge and has proven track record of building strong
in flexible packaging business of the sustainable business. He is with the Company for
company approximately 25 years.
Qualification B.Sc. B.Com
Terms and Conditions of Shri Ashok Chaturvedi retires by rotation Appointed as Whole-time Director for a period of 5
appointment or re-appointment at the ensuing Annual General Meeting years commencing from 11th February, 2021 on the
Terms and Conditions as mentioned at Item No. 5 &
6 in the Explanatory Statement.
Remuneration sought to be paid Shri Ashok Chaturvedi retires by rotation As mentioned at Item No. 5 & 6 in the Explanatory
at the ensuing Annual General Meeting. Statement.
Remuneration is being paid as per terms
and conditions earlier approved by the
Shareholders.
Remuneration last drawn As above As above
Shareholding in the Company 5,02,533 Equity Shares Nil
Relationship with other Directors, Not related to any other Directors and Not related to any other Directors and other
Manager and other key managerial other Key Managerial Personnel of the Key Managerial Personnel of the Company
personnel Company
No. of Meeting of the Board attended 4 1
Directorship in other Public L imited Flex Foods Ltd. PHD Chamber of Commerce and Industry
Companies / excluding private
companies which are subsidiary of
public company
Member / Chairman of Committee UFLEX Limited UFLEX Limited
of the Board of the Public Limited • Chairman, Committee of Directors • Member, Committee of Directors:
Companies on which he is Director
• Member, Audit Committee:
Flex Foods Limited
• Member, Stakeholders' Relationship
• Chairman, Committee of Directors Committee
• Member, Corporate Social Responsibility
(CSR) Committee
DETAILS OF SHAREHOLDING OF
NON-EXECUTIVE DIRECTORS OF THE COMPANY AS ON 31.03.2021
(Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
Sl. No. Name of Director No. of Equity Shares
01 Shri Achintya Karati Nil
02 Shri Alok Sabharwal – (Nominee – IFCI) Nil
03 Shri Tara Sankar Bhattacharya Nil
04. Smt. Indu Liberhan Nil
05 Shri Arvind Mahajan Nil
06 Shri Pradeep Narendra Poddar Nil
12

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THIRTY SECOND

IV | 32ND ANNUAL REPORT 2020 - 2021

The Details of ﬁnancial performance of all subsidiaries CHANGE IN NATURE OF BUSINESS

32ND ANNUAL REPORT 2020 - 2021 | 1

SHARE CAPITAL with the Statutory Auditors/Internal Auditors of the

2 | 32ND ANNUAL REPORT 2020 - 2021

32ND ANNUAL REPORT 2020 - 2021 | 3

4 | 32ND ANNUAL REPORT 2020 - 2021

POLICY ON REMUNERATION • UFlex won Packaging Gateway Excellence Awards

32ND ANNUAL REPORT 2020 - 2021 | 5

6 | 32ND ANNUAL REPORT 2020 - 2021

For Mahesh Gupta and Company

Mahesh Kumar Gupta

32ND ANNUAL REPORT 2020 - 2021 | 7

Our report of even date is to be read along with this letter.

For Mahesh Gupta and Company

Mahesh Kumar Gupta

8 | 32ND ANNUAL REPORT 2020 - 2021

Total Amount Spent Amount Unspent (in Rs.)

32ND ANNUAL REPORT 2020 - 2021 | 9

10 | 32ND ANNUAL REPORT 2020 - 2021

(e) Amount spent on Impact Assessment, if applicable N.A.

(g) Excess amount for set oﬀ, if any :

32ND ANNUAL REPORT 2020 - 2021 | 11

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Sl. Project ID Name Financial Project Total Amount Cumulative Status of

(ASHOK CHATURVEDI) (INDU LIBERHAN)

12 | 32ND ANNUAL REPORT 2020 - 2021

32ND ANNUAL REPORT 2020 - 2021 | 13

b) Board Meetings and Attendance Record of each Director

Sl. Name of the Director Attendance Particulars

14 | 32ND ANNUAL REPORT 2020 - 2021

Shri Arvind Mahajan -- -- -- --

c) Disclosure of relationships between directors inter-se;

32ND ANNUAL REPORT 2020 - 2021 | 15

Sl. Name of Director(s) Skills / expertise / competence

h) Compliance reports of all laws applicable to the Company

16 | 32ND ANNUAL REPORT 2020 - 2021

Separate Meetings of Independent Directors

k) Familiarization Programme for Independent Directors

32ND ANNUAL REPORT 2020 - 2021 | 17

Details of Meetings and Attendance

Name of Member Meetings Attended

4. NOMINATION AND REMUNERATION COMMITTEE

Composition and details of Meetings

Performance Evaluation for Independent Director

18 | 32ND ANNUAL REPORT 2020 - 2021

32ND ANNUAL REPORT 2020 - 2021 | 19

6. STAKEHOLDERS’ RELATIONSHIP COMMITTEE

7. CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

20 | 32ND ANNUAL REPORT 2020 - 2021

9. GENERAL BODY MEETINGS

AGM Day, Date & Time Venue Special Resolution Passed

10. MEANS OF COMMUNICATION

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22 | 32ND ANNUAL REPORT 2020 - 2021

32ND ANNUAL REPORT 2020 - 2021 | 23

(k) Share Transfer System